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Wegerich, Alexis. "Digging deeper : global coal prices and industrial growth, 1840-1960." Thesis, University of Oxford, 2016. https://ora.ox.ac.uk/objects/uuid:7552ed01-53d6-40cd-94b2-ca5e3c8f5cd5.
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This thesis investigates to what extent coal prices differed globally during the nineteenth and twentieth centuries, and whether those differences mattered for economic development. The backbone of my empirical investigation is a new dataset of annual coal prices spanning the years 1840 to 1960 for, on average, over 30 globally distributed ports. This dataset is complemented by pithead prices for all major coal-producing countries. My analysis includes all major steam coals and I eliminate quality differences by accounting for differences in their carbon content. I construct my argument by examining two major drivers of differences in coal prices. First, I examine trade costs for Welsh steam coals, which were shipped to most regions of the world. Secondly, I estimate the effect of the spread of coal mining, for example to India, on local coal prices by initating competition between coals from different origins. While trade costs declined most during the late nineteenth century, the spread of coal mining led to continued price convergence in the interwar period. And yet, global coal price differences remained significant, especially between producing and importing countries. Arguably, my most interesting finding is on the effect of those coal price differences. More specifically, I calculate the ratio of coal prices to wages, and explore whether countries where this ratio was closer to the British ratio were in the best position to use the most advanced steam technology. My econometric results indeed show that countries with a low coal price/wage ratio experienced higher manufacturing output growth during the period 1870 to 1940. This finding of my thesis highlights one potential way in which different levels of coal prices may have contributed to varying degrees of technology adoption between countries and ultimately economic growth.
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Chatterji, R. "The behaviour of industrial prices in India 1947-1977." Thesis, University of Cambridge, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.372866.
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Chan, Sheung-wah. "An empirical study of the major determinants of industrial property prices in Hong Kong." Click to view the E-thesis via HKU Scholars Hub, 2006. http://lookup.lib.hku.hk/lookup/bib/B37937352.
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Smith, Michael J. "The Effects of Mandatory Disclosure on Product Quality, Prices, and Competition." Thesis, Boston College, 2016. http://hdl.handle.net/2345/bc-ir:107168.
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Thesis advisor: Julie MortimerThis dissertation estimates the impacts of a mandatory disclosure policy (the New York City grade law) on hygiene quality choices, prices, and competition.In the first and third chapters of my dissertation, I estimate a dynamic structural model to recover the implied costs underlying quality choice decisions. Though the researcher may not observe these costs in the data, they can be recovered empirically by considering how firm decision making changes depending on the conditions in play at the firm and in the market over time. Having a structural model also enables me to conduct counterfactual experiments, which show that several key parameters, such as sunk entry costs, or the value from competing in certain types of markets, can have a meaningful impact on the policy outcomes. My first chapter examines whether the grade law leads to increased product quality provision by firms selling differentiated products. I focus on Zagat rated restaurants, which prior to the grade law have many pre-existing quality characteristics valued by consumers that can differentiate them from other firms. I estimate a dynamic model of entry, exit and investment in hygiene quality, incorporating permanent firm-level unobserved heterogeneity, and find that the grade law increased payoffs from entering with, operating with, and investing in higher quality. However, I also show that underlying costs of providing quality affect firm decision making in the absence of mandatory disclosure, and that altering these costs can shift the distribution of quality types towards higher quality. I derive a counterfactual tax policy that directly targets these costs and leads to higher percentages of high quality firms across markets than the mandatory disclosure policy. My second chapter uses the same panel of Zagat restaurants as in Chapter 1, and estimates how the grade law affects the pricing decisions of restaurants with different hygiene qualities. Since the grade law introduces a new dimension of product quality, firms may be able to charge higher prices for access to high quality. However, because firms in this setting are already selling differentiated products, it is possible that prices do not change. Furthermore, prices charged by lower quality firms may fall, because consumers would not consume at a low quality firms without being compensated with a lower price, or the prices may not change or even rise, partially because consumers are still willing to pay for the firm's other quality characteristics. Controlling for firm characteristics and market conditions, I find that the introduction of the law led to a decrease in prices charged by lower quality firms relative to those charged by high quality firms. The results suggest that as quality levels increase in the market, consumers may benefit due to the decreased ability of firms to price discriminate as they would if there were asymmetric information on quality. However, I also find evidence that, as a result of the grade law, firms pass-through some of the costs of improving quality to consumers in the form of higher prices. My third chapter presents preliminary findings suggesting how the grade law impacts the hygiene quality choices of firms with few observable quality characteristics prior to mandatory disclosure. Using the same dynamic model framework as in Chapter 1, I estimate the effects of the grade law on the hygiene quality choices of bagel shops, and show how these choices relate to market competition. While most of the model results and predictions from this chapter are sensitive and should be interpreted with caution as they likely do not fully identify the parameters of interest, I do estimate a positive relationship between competition with high quality firms and choice of high quality after the grade law; however, I also find evidence that entry costs are increasing in quality. Counterfactuals show that lowering the costs of entry with high quality both before and after the grade law could increase the proportion of firms choosing high quality. Additionally, I find that the competitive interaction between firms provides an important incentive to investing in higher quality under mandatory disclosure. I interpret this finding as evidence that the effects of mandatory disclosure are primarily transmitted through competition, and that removing these effects of competition would significantly reduce the gains from mandatory disclosure. This research contributes to a growing literature on the efficacy and importance of mandatory disclosure policies. Mandatory disclosure can be a valuable policy tool used to target an inefficiency or social harm such as a high incidence of food poisoning at restaurants. However, the effect of these policies on the choices made by firms should also be considered. Firm quality choices after mandatory disclosure will be determined by consumer demand for the new dimension of product quality, competition with market rivals, and costs. Consumer demand for hygiene quality may depend on factors such as how much they pay for a meal, meaning that demand for hygiene quality may be different for limited-service restaurants than for full-service restaurants. However, allowing consumers, who may consider multiple characteristics of quality, not just hygiene, to provide the sole incentives for firms to improve their quality, may under-incentivize quality improvement of some firms. Furthermore, market conditions such as competition can be important, and may not be addressed at all by the consumer response. Policies that use cost-based incentives to firms, or target firms operating under certain market conditions, could be used as a replacement or supplement to the workings on the demand-side. My results suggest that such alternative policies which, rather than asking consumers to enforce product quality improvement via their consumption decisions, directly target the incentives faced by firms when making product quality choices, merit consideration
Thesis (PhD) — Boston College, 2016
Submitted to: Boston College. Graduate School of Arts and Sciences
Discipline: Economics
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Petrova, Milena. "Essays in Empirical Industrial Organization." Thesis, Toulouse 1, 2018. http://www.theses.fr/2018TOU10059/document.
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Le résumé en français n'a pas été communiqué par l'auteurIn the past couple of decades, digitization has affected the strategy of economic players and the structure of markets across the board by lowering the cost of storing, sharing and analyzing data. This has given rise to a new field of economics, the economics of digitization, which touches upon the fields of industrial organization, market design, information economics, and labor economics. For industrial economists, these new questions and challenges coupled with new types of data, have led to vigorous research on the topics of reputation, search, rankings, matching, and online auctions. Following this line of research, the first two of the chapters in my thesis are on the topics information frictions and reputation systems in online service markets, and the third chapter proposes a novel methodology for modeling transaction prices motivated by competition on online distribution channels
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Madani, Haider H. "An empirical examination of the explanatory power of accrual earnings versus cash flows : UK industrial sector." Thesis, Henley Business School, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.307482.
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Correa, Andre Luiz. "Taxa de cambio e preços no Brasil : analise dos impactos das variações cambiais sobre os preços industriais domesticos e das exportações no periodo 1995-2005." [s.n.], 2008. http://repositorio.unicamp.br/jspui/handle/REPOSIP/286277.
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Orientador: Mariano Francisco LaplaneTese (doutorado) - Universidade Estadual de Campinas, Instituto de Economia
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Resumo: Esta tese analisa empiricamente os impactos de variações cambiais sobre os preços de exportação e os preços industriais domésticos, desagregados setorialmente, no Brasil durante o período 1995-2005, levando em consideração a inserção externa da economia em um contexto de ampliação da internacionalização após o processo de reestruturação produtiva implementado ao longo da década de 1990. O referencial teórico incorpora trabalhos sobre o tema do exchange rate pass-through que privilegiam aspectos ligados à estrutura de comércio e à estratégias de empresas estrangeiras operando em diversos mercados. Os coeficientes de pass-through referentes aos preços de exportação indicam que os maiores repasses ocorrem em setores produtores de bens de menor conteúdo tecnológico em que o Brasil possui posição comercial relativamente forte, ao passo que parte dos setores produtores de manufaturados apresentam coeficientes de repasse cambial reduzido. Em relação ao preçõs industriais domésticos, os maiores coeficientes de passthrough foram observados em setores produtores de manufaturados, geralmente importadores de componentes intermediários dotados de maior conteúdo tecnolóico. Os resultados refletem em grande medida a inserção comercial brasileira, indicando que desvalorizações cambiais não possuem o mesmo efeito para todos os setores em termos de elevação da competitividade
Abstract: This work analyses the impacts of changes in exchange rates on domestic and export prices in Brazil during the 1995-2005 period. The main theoretical references take into account microeconomic aspects of international trade, like market structure and the role of transnational corporations. The findings suggest that exchange rate pass-through to export prices of less complex goods, like commodities, tends to be higher. Regarding more complex goods, like automobiles and machinery, the results indicate reduced pass-through, notwithstanding the high pass-through to prices of electronics and other vehicles. Concerning domestic prices, the results are quite different: estimates indicate higher exchange rate pass-through to prices of more complex goods. In general, these sectors present expressive consumption of imported intermediate goods, like electronics, chemical industry and pharmaceutical products. To some extent, these results reflect the structure of the Brazilian international trade
Doutorado
Teoria Economica
Doutor em Ciências Econômicas
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Jacyk, Christopher Michael. "The effects of oil price shocks on consumer prices and industrial production in the United States, Canada and Mexico." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1998. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp01/MQ31293.pdf.
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Mahapatra, Santosh Kumar. "Theoretical essays on optimal sourcing strategy under price uncertainty." Diss., Connect to online resource - MSU authorized users, 2006.
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Lee, Seung Jae. "Determinants of real exchange rate : with emphasis on productivity shocks /." free to MU campus, to others for purchase, 2000. http://wwwlib.umi.com/cr/mo/fullcit?p9999299.
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Ertek, Gurdal. "Pricing models for two-stage supply chains." Diss., Georgia Institute of Technology, 2001. http://hdl.handle.net/1853/30693.
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REDMOND, WILLIAM HILES. "THE EFFECTS OF PIONEER FIRM PRICE STRATEGY ON MARKET CONCENTRATION AND FIRM PERFORMANCE (STRUCTURE, SHARE, PROFITABILITY, INNOVATION)." Diss., The University of Arizona, 1985. http://hdl.handle.net/10150/188127.
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The research examines linkages between firm strategy and market structure and also between firm strategy and firm performance. To evaluate these linkages, the research focuses on the initial price strategy of market pioneer firms, changes in market concentration, and subsequent firm achievements in the area of market share and profitability. Drawing from previous research in the areas of marketing strategy, corporate strategy and industrial organization, arguments are developed supporting the notion of different structural and performance outcomes resulting from different pioneer firm price strategies. These strategies are penetration pricing and price skimming. A sample of pioneer firms/pioneered industries was obtained from published sources and examined for significant differences between the penetration price group and the price skimming group. Price strategy was found to have a significant impact on changes in market concentration as well as pioneer firm market share and profitability.
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Reddy, Vijaya Shekher. "The price sensitivity of industrial buyers to softwood lumber product and service quality: an investigation of the U.S. wood treating industry." Diss., Virginia Tech, 1994. http://hdl.handle.net/10919/39037.
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Aketi, Venkata Sesha Praneeth. "Prices in Wholesale Electricity Markets and Demand Response." The Ohio State University, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=osu1388765872.
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Liao, Mingwei, and 廖明瑋. "Futures hedging on both procurement risk and sales risk under correlated prices and demand." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2014. http://hdl.handle.net/10722/206683.
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The profitability of a manufacturer could be largely affected by underlying uncertainties embedded in the fast-changing business environment. Random factors, such as input material price at the procurement end or output product price and demand at the sales end, might produce significant risks. Effective financial hedging therefore needs to be taken to mitigate these risk exposures. Although it is common to use commodity futures to control the risks at either end separately, little has been done on the hedging of these risk exposures in an integrated manner. Therefore, this study aims to develop a planning approach that performs financial hedging on both the procurement risk and the sales risk in a joint manner.
This planning approach is based on a framework that has a risk-averse commodity processor that procures input commodity and sells output commodity in the spot market, while hedging the procurement risk and sales risk through trading futures contracts in the commodity markets. Both the input and output commodities futures are used for the hedging. A both-end-hedging model is developed to quantitatively evaluate the approach. The evaluation is based on an objective function that considers both profit maximisation and risk mitigation. Decisions on spot procurement, input futures hedging position, and output futures hedging position are optimised simultaneously. As the input commodity is the main production material for the output commodity, positive correlation between the input material price and the output product price is considered. The customer demand is considered negatively correlated with the output product price.
An ethanol plant using corn as the main input material is employed as an example to implement the proposed model. The model is represented as a stochastic program, and the Gibson-Schwartz two-factor model is employed to describe the stochastic commodity prices. Historical commodity price data are used to estimate the parameters for the two-factor model with state-space form and Kalman filter. By generating various scenarios representing evolving prices and the random customer demand, the stochastic program could be solved using linear programming algorithms under its deterministic equivalent.
Numerical experiments are carried out to demonstrate the benefit that could be gained from applying the both-end-hedging approach proposed in this study. Comparing with traditional no-hedging model or single-end-hedging models, the improvement obtained from the proposed model is found to be significant. The effectiveness of the model is further tested in various price trend and price correlation, demand elasticity and volatility, and risk attitude of the decision maker. It is found that the proposed approach is robust in these various circumstances, and the approach is especially effective when the price trend is uncertain and when the decision maker has a strong risk-averse attitude.published_or_final_version
Industrial and Manufacturing Systems Engineering
Master
Master of Philosophy
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Trygg, Louise. "Swedish industrial and energy supply measures in a European system perspective." Doctoral thesis, Linköping : Linköping University, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-7832.
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Rahman, Md Motiar. "Revitalising construction project procurement through joint risk management." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B31244695.
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So, Chun-hin, and 蘇振顯. "An empirical study on the effects of land policy on industrial property prices and rental yields in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2011. http://hdl.handle.net/10722/194598.
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The rapid restructuring of Hong Kong's economy as a result of China's economic reform and open door policy since the late 70s, has led to major shifts in the demand and supply of industrial buildings. These shifts resulted in misallocation of land resources due to various institutional constraints. The land use policies in Hong Kong have been changing since the late 80s in response to such misallocation. This study investigates the impact of these policies on prices and rental yields of industrial properties in Hong Kong. In addition, the impact of economic restructuring on the determinants of industry propel1y prices is also examined.
The open door policy has attracted many industrialists to move their production base across the border to take advantage of the low land and labour costs leaving their industrial buildings in Hong Kong underutilized. Due to statutory zoning and restrictions in the land leases, redeveloping these industrial buildings for other uses is difficult and costly due to multiple ownership and high modification premium. However lease enforcement actions on industrial buildings are difficult and ineffective. The owners of industrial buildings will weigh the costs against the benefits of non-conforming use and decide whether they will leave their industry properties underutilized, use them for non-conforming uses, apply for change of use and pay associated fees / premiums or proceed with a combination of all these.
The empirical results in this study suggest that the benefits outweigh the costs of non-conforming uses of industrial buildings, in particular for office uses. This is evidenced by the fact that industrial property prices were affected not only by the demand for spaces for industrial production but also by other demand drivers not related to the industrial productions in Hong Kong. These demand drivers included volume of re-export and service sector employment. These are demand drivers given the term Non-Industrial-Production Demand Drivers (NIPDD) in this study. Service sector employment is an office demand driver and that office use in industrial buildings is usually the highest valued non-conforming use, therefore the correlation between service sector and industrial property prices is an indicator of the intensity of non-conforming uses.
Since the late 80’s, various changes in government policies toward industrial land use have been implemented with the aim to rectify land resource misallocation. These policy changes can be classified into (1) Planning Control Relaxation: changes that involve relaxation of planning control on redevelopment or conversion of existing industrial properties to other uses, which may involve rezoning of some industrial areas and (2) Use Restriction Change: changes that permit more types of uses in existing industrial properties with or without paying a premium or fee.
The empirical results in this study suggest that, other things being equal, Planning Control Relaxation has a positive impact on industrial property prices while Use Restriction Change have strengthened or weakened the impact of service sector employment on industrial property prices depending on the nature of the policy change. In addition, empirical analysis also showed that only the Planning Control Relaxation could reduce the rental yield of industrial property by reducing the risk premium. The effect of Use Restriction Change on risk premium and therefore rental yield was not significant.
Last year (2010), the government introduced the Revitalization of Industrial Buildings Policy, which further removed restrictions on the use of industrial buildings for production purposes. It will take time to accumulate sufficient data to show the impact of this major policy on industrial property prices and rental yields.published_or_final_version
Real Estate and Construction
Doctoral
Doctor of Philosophy
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Pamuk, Haki. "The Impact Of Modern Retailing On The Prices Of Fast Moving Consumer Goods: Evidence From Turkey." Master's thesis, METU, 2008. http://etd.lib.metu.edu.tr/upload/12610043/index.pdf.
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In Turkey, the retailing sector is in a modernization process with the increase in the market share of supermarkets since 1990s. This process has important implications on general economy with changing consumption characteristics. This thesis analyzes the impact of increasing market share of supermarkets on the prices of fast moving consumer goods in traditional retailers. By means of a household panel, a panel data econometric approach is used for assessing the impacts of different supermarket formats between 2002 and 2006 in 12 sectors. The results indicates that increasing market share supermarkets decreases the price levels observed in traditional retailers in some of the sectors and these impacts vary according to supermarket formats and sectors.
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Brockwell, Erik. "State and industrial actions to influence consumer behavior." Doctoral thesis, Umeå universitet, Nationalekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-93334.
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This thesis consists of an introductory part and three papers. Paper [I] examines how taxes affect consumption of commodities that are detrimental to health and the environment. Specifically, this paper examines if a tax increase leads to a significantly larger change in consumption than a producer price change, which is referred to as the signaling effect from taxation. The analysis uses aggregated cross-sectional time series data and information on major legislation introductions in Sweden, Denmark and the United Kingdom from 1970 to 2009. We find the main result to be that the signaling effect is significant for “Electricity” in Sweden and Denmark and significant for “Electricity” and “Petrol” in the United Kingdom. Paper [II] examines how sin taxation changes long-term consumer behavior regarding commodities which are deemed harmful for both health and the environment. These include tobacco, alcoholic beverages, sugar and confectionary, household energy, and motor fuel. Specifically, we examine the signaling effect from taxation which is seen if a tax increase leads to a significantly larger change in consumption than a producer price change. The empirical analysis is conducted by a US panel data study, during the period 1988-2012 for the four US census regions, using the Almost Ideal Demand System (AIDS). We find the main result to be that the signaling effect from taxation is significant for tobacco as well as for electricity and motor fuel. Paper [III] examines state and industry responses on consumption of cigarettes and petroleum in the United States from 1998-2012. Upon facing consumption choices, the consumer faces two competing sets of messages, one from the government and another from the industry. The objective of the state is to steer consumption in the right direction due to the harmful effects from consumption and asymmetric information among consumers. This is done mainly via taxation and state media expenditures. The industry, on the other hand, seeks to incentivize the public to ignore or reject state research and signals as well as maximizing net economic returns. This is mainly done via industry media and lobbying expenditures. We find that the main results indicate, for cigarettes, industrial media and lobbying expenditure is statistically significant on consumption. For petroleum, we find that producer prices, state media expenditure, and industrial lobbying expenditure are statistically significant on consumption.
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Kurad, Astrid [Verfasser]. "Advertising pricing in German consumer magazine industry : an industrial economic analysis of market concentration, advertising prices, and their interrelations / Astrid Kurad." Flensburg : Zentrale Hochschulbibliothek Flensburg, 2008. http://d-nb.info/101828009X/34.
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Abreu, Wagner Saboia de. "Modelagem e previsão de preços à vista de energia elétrica e aplicações no contexto de investimentos sob incerteza." reponame:Repositório Institucional do BNDES, 2012. https://web.bndes.gov.br/bib/jspui/handle/1408/10494.
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O Setor Elétrico Brasileiro (SEB) passou por uma grande reestruturação, saindo de uma situação de monopólio estatal para uma de desestatização regulamentada. Neste processo, a interação entre os agentes, causada pelas privatizações ocorridas no setor, passou a condicionar a formação dos preços do mercado de energia elétrica e, consequentemente, dos contratos dela derivados. O presente trabalho coloca a eletricidade no contexto das outras commodities e debate suas características específicas; apresenta o Setor Elétrico Brasileiro (SEB) e o ercado Brasileiro de Energia Elétrica e discute a Formação dos Preços no Mercado de Curto Prazo Brasileiro. Foram usados dados históricos para a estimação dos parâmetros de um modelo que capta as principais características dos preços spot de energia elétrica e, lançando mão do Método de Monte Carlo (MMC) para a simulação desses preços, foi analisada a flexibilidade de compra e venda parcial de um contrato de energia elétrica, usando a Teoria de Opções Reais (TOR). Concluiu-se que essa flexibilidade agrega valor aos contratos de energia.The Brazilian Electric Power Industry (SEB) has undergone a major restructuring moving from a situation of state monopoly to a regulated privatization. In this process, interaction among agents took place in the industry, influencing electricity spot prices and consequently power derivative contracts. This work: places electric power in the context of other commodities and discusses its specific characteristics; presents the Brazilian Power Companies and the Brazilian Electricity Market and discusses the formation of short-term prices in Brazil. We used historical data to carry out the parameters' estimation of a model that captures the main characteristics of electricity spot prices and we analyzed a flexibility of partial buying or selling of one energy contract using the Real Options Approach (ROA), employing Monte Carlo Method (MCM) to simulate these prices. We concluded that this flexibility adds value to power contracts.
Dissertação apresentada como requisito parcial para obtenção de grau de Mestre pelo Programa de Pós-graduação em Engenharia de Produção do Departamento de Engenharia Industrial da PUC-Rio
Orientador: Carlos Patrício Samanez; Co-orientador: Tara Keshar Nanda Baidya
Dissertação (mestrado) - Pontifícia Universidade Católica do Rio de Janeiro, 2012
Bibliografia: p. 104-111
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Cahill, Sean Andrew. "Concentration and costs in Canadian food manufacturing industries, 1961-1982." Thesis, University of British Columbia, 1986. http://hdl.handle.net/2429/27850.
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This study is concerned with- the effects of changes in industrial concentration on average costs of production in 17 Canadian 4—digit food manufacturing industries over the period 1961-1982. The model employed is a dual Translog cost function adapted to include a concentration variable (Herfindahl index) and technical change, and is estimated using pooling techniques to allow simultaneous analysis of all 17 industries.
The results indicate that there was a significant relationship between concentration and average costs for this sample. In particular, there appears to have been a decrease in average costs for low-concentration industries as concentration increased, ceteris paribus, while in high-concentration industries, increases in concentration led to increases in costs.
Concentration changes have also had an effect on the relative shares of factors of production for these industries. An evaluation of employment effects across industries indicates that the benefits in efficiency due to increases in concentration in low-concentration industries must be weighed against apparent decreases in the overall employment (of labour) for these industries. Alternatively, the efficiency losses in high-concentration industries appear to have been offset by increases in overall employment as concentration has increased. Thus, depending on the criterion used, relative concentration effects may have been beneficial or detremental to social welfare; the outcome is not unequivocal.Land and Food Systems, Faculty of
Graduate
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Bester, P. G. "Shareholder distribution choices for industrial companies listed on the JSE : share buybacks versus dividends." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/8443.
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Thesis (MBA)--Stellenbosch University, 2008.ENGLISH ABSTRACT: Repurchasing of shares by South African companies were legalised on 1 July 1999. This introduced an alternative to dividends for distributing cash to shareholders. Although dividends and share repurchases realise the same value in a perfect efficient market, the inefficiencies of the South African stock market require managers to carefully evaluate factors like taxation and stock price valuation when selecting appropriate distribution methods. This research report aims to update shareholder distribution trends for industrial JSE listed companies over the past 10 years in order to determine the impact of share repurchases on dividend payouts. Furthermore, this research report examines the factors that may have had an impact on shareholder distribution choices in order to provide some guidelines for choosing appropriate distribution methods. An initial analysis of SENS share repurchase announcements revealed that 121 JSE listed companies repurchased about R50 billion worth of shares up to 30 June 2007. The bulk of the shares, 65% by value, were repurchased on the open market, while 35% was repurchased through specific fixed price offers. However, a comparison of accurate share repurchase data obtained from a sample of company annual reports, indicate that repurchase announcements understate actual repurchases by more than 20% on average. Further analysis of distribution trends were therefore based on actual repurchase data published in annual reports rather than SENS announcements. After the legalisation of share repurchases in South Africa, a decline in dividend paying companies was expected similar to that experienced by the United States since the 80's. However, a detailed analysis of 132 industrial listed companies indicated that the proportion of dividend paying companies increased from a level of 50% to almost 75% since the introduction of share repurchases. On the other hand, the proportion of companies repurchasing shares initially rose to over 25%, but then declined to below 20% by 2007. Ordinary dividends are the dominant shareholder distribution choice with 64% of companies opting for this method. Open market share repurchases have been well adopted with 17% of companies using this method, while only 5% and 4% of companies using special dividends or specific repurchases respectively. Dividends paid out of share premium (capital distributions) have also emerged as a favourite over recent years with almost 20% of companies using this shareholder distribution method. Current tax legislation do not provide all the advantages usually enjoyed by share repurchases internationally and have largely prevented dividends from being substituted by share repurchases. The decline in share repurchases up to 2007 also indicates that share repurchases become less effective as share prices increase to overvalued levels. While tax implications and stock price valuation remain the dominant determinants of shareholder distribution choice, this study shows that shareholder diversity, dividend preferences, size of distribution, and BEE requirements also have significant influences on the choice of distribution method in the South African context.
AFRIKAANSE OPSOMMING: Die terugkoop van aandele deur Suid-Afrikaanse maatskappye is wettig sedert 1 Julie 1999. Dit het 'n alternatief tot dividende in werking gestel om kontant aan aandeelhouers uit te keer. Alhoewel dividende en aandele-terugkoop dieselfde waarde in 'n perfekte doeltreffende mark realiseer, vereis die tekortkominge van die Suid-Afrikaanse aandelemark dat bestuurders faktore soos belasting en aandeelpryswaardasie versigtig moet oorweeg tydens die keuse van geskikte uitkeringsmetodes. Die doelwit van hierdie navorsingsverslag is om die tendense van uitkerings aan aandeelhouers te hersien vir industriele JSE-genoteerde maatskappye oor die laaste 10 jaar om sodoende die effek van aandele-terugkope op dividenduitbetalings te bepaal. Verder ondersoek hierdie navorsingsverslag ook die faktore wat moonlik 'n invloed op aandeelhouers-uitkeringskeuses gehad het, om sodoende riglyne vir die keuse van geskikte uitkeringsmetodes saam te stel. 'n Voorlopige analise van SENS-terugkoopaankondigings toon dat 121 JSE-genoteerde maatskappye ongeveer R50 miljard se aandele teruggekoop het tot en met 30 Junie 2007. Die grootste gedeelte van hierdie aandele, 65% se waarde, is op die ope mark teruggekoop terwyl 35% deur spesifieke vasteprys terugkope verkry is. 'n Vergelyking met terugkoopsyfers wat uit 'n steekproef van maatskappyjaarverslae geneem is, dui egter daarop dat aankondigings die ware terugkope met gemiddeld 20% onderskat. Verdere ontleding van aandeelhouers-uitkeringstendense word derhalwe gebaseer op syfers wat in jaarverslae gepubliseer is, eerder as SENS-aankondigings. Na die wettiging van aandele-terugkoop in Suid-Afrika, is verwag dat dividenduitbetalings sou daal soortgelyk aan dit wat in die Verenigde State ondervind is sedert die 80's. Die ondersoek van 132 genoteerde industriele maatskappye toon egter dat die persentasie van maatskappye wat dividende betaal van 50% tot bykans 75% toegeneem het sedert aandele-terugkoop 'n beskikbare opsie is. In teenstelling hiermee, het die persentasie maatskappye wat aandele terugkoop aanvanklik tot 25% gestyg, maar sedertdien afgeneem tot onder 20% teen 2007. Gewone dividende is die gewildste aandeelhouers-uitkeringsmetode met 64% van maatskappye wat van hierdie metode gebruik maak. Aandele-terugkope op die ope mark is goed verteenwoordig met 17% van maatskappye wat van hierdie metode gebruik gemaak het, terwyl slegs 5% en 4% van maatskappye onderskeidelik van spesiale dividende en spesifieke aandele-terugkope gebruik gemaak het. Dividende uit aandelepremie (kapitaaluitkerings) het ook na vore getree as 'n gunsteling keuse in die laaste paar jaar met bykans 20% van maatskappye wat hierdie uitkeringsmetode gebruik het. Huidige belastingswetgewing bied nie al die belastingvoordele aan aandele-terugkope wat normaalweg deur internasionale maatskappye benut word nie en het grotendeels verhoed dat dividende deur aandele-terugkoop vervang is. Die afname in aandeleterugkope tot en met 2007 is ook 'n aanduiding dat dit minder effektief raak soos wat aandeelpryse oor gewaardeerde vlakke styg. Terwyl belasting-oorwegings en aandeelpryswaardasies steeds die dominante drywers van aandeelhouersuitkeringskeuses bly, bevind hierdie studie dat faktore soos aandeelhouers se diversiteit, dividendvoorkeure, grootte van uitkerings, en vereistes van swart ekonomiese bemagtiging ook 'n noemenswaardige invloed op uitkeringskeuses binne die Suid-Afrikaanse konteks het.
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Mpendu-Mningiswa, Nwabisa. "Verification of the calculated cumulative factors of the USB with the implicit cumulative factors used by listed industrial JSE companies." Thesis, Stellenbosch : Stellenbosch University, 2003. http://hdl.handle.net/10019.1/53712.
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Study project (MBA)--University of Stellenbosch, 2003.ENGLISH ABSTRACT: The objective of this study is to verify the cumulative factors developed by the Graduate School of Business of the University of Stellenbosch when calculating prices per share (price) over the period 1970 to 2000, earnings per share (EPS), cash flows per share (CFS) and net asset values per share(NA V). All four are done in a time series format. This study project forms part ofa larger research project of the Graduate School of Business ofthe University of Stellenbosch (USB). The data was extracted from the database of the USB and also from companies' financial annual reports and/or directors' reports of the annual financial statements of each company included in the research for the specified periods. The aim of this study is to compare the calculated implicit cumulative factors used in practice with the specific cumulative factor calculated/used by the USB. The !NET prices were compared with the prices of the USB (after using the USB specific cumulative factors). The study also compares the NAV published by companies with the NAV obtained by the USB by dividing equity/weighted average number of shares duly adjusted by the cumulative factor. Companies with minor and major differences were observed but for the purpose of this study only the examples of companies with major differences have been indicated and properly documented.
AFRIKAANSE OPSOMMING: Die doel van hierdie studie is om die kumulatiewe faktore wat deur die Nagraadse Bestuurskool van die Universiteit van Stellenbosch ontwikkel is, te verifieer, wanneer pryse per aandeel (prys) oor tydperk 1970 tot 2000, verdienste per aandeel, kontantvloei per aandeel en netto batewaardes per aandeel bereken word. Al vier word in 'n tydreeksformaat gedoen. Hierdie studieprojek vorm deel van 'n groter navorsingsprojek van die Nagraadse Bestuurskool van die Universiteit van Stellenbosch (USB). Die data is van die USB databasis verkry, asook van maatskappye se finansiële jaarverslae en/of direkteure se verslae van die jaarlikse finansiële state van elke maatskappy wat in die navorsing vir die spesifieke tydperke ingesluit is. Die doelwit van hierdie studie is om die berekende implisiete kumulatiewe faktore wat in die praktyk gebruik word met die spesifieke kumulatiewe faktore wat deur die USB bereken/gebruik word, te vergelyk. Die !NET pryse is met die pryse van die USB (nadat die USB spesifieke kumulatiewe faktore gebruik is) vergelyk. Die studie vergelyk ook die netto batewaardes per aandeel wat deur die maatskappye gepubliseer is met die netto batewaardes per aandeel wat deur die USB verkry is, deur die aandeelhouersbelang/geweegde gemiddelde aantal aandele wat behoorlik aangepas is, met die kumulatiewe faktore te deel. Maatskappye met groter of kleiner verskille is waargeneem, maar vir die doel van hierdie studie is slegs die voorbeelde van maatskappye met groter verskille aangedui en behoorlik voorsien.
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Garcia, Ana Carolina Della Colletta. "Delimitação do mercado relevante geográfico para produtos asfálticos." Universidade Federal de São Carlos, 2015. https://repositorio.ufscar.br/handle/ufscar/8340.
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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)
The aim of this work is the use of price test method to determine the geographic relevant market, so that if two geographic areas form a single geographical market for a given product, in the long term, the price trajectory between these regions would follow the same path. The empirical application was made to the asphalt products distributors market in Brazil, more specifically for asphalt cement and diluted asphalt, for the period between January 2008 and December 2014. Due to increasing demand of asphalt products for maintenance and conservation of the existing road network and the creation of new roads, besides the existence of few studies defining the relevant market in order to evaluate a possible market power of the distributors of such products, becomes of utmost importance to make further studies. It is concluded that the relevant market for these products is National, except Northeast for asphalt cement.
O objetivo deste trabalho é a utilização da metodologia relacionada ao teste de preços para a determinação do mercado relevante geográfico, de forma que, se duas áreas geográficas formam um mercado geográfico único para um determinado produto, no longo prazo, a trajetória dos preços entre essas regiões seguiriam uma mesma trajetória. A aplicação empírica foi feita ao mercado de distribuidoras de produtos asfálticos no Brasil, mais especificamente para o cimento asfáltico e o asfalto diluído, para o período entre janeiro de 2008 e dezembro de 2014. Devido à crescente demanda de produtos asfálticos para manutenção e conservação da malha rodoviária existente e da criação de novas rodovias, além da existência de poucos estudos que definam o mercado relevante a fim de avaliar um possível poder de mercado das distribuidoras desses produtos, se torna de extrema importância a realização de novos estudos. Depois de realizados os testes pode-se considerar o mercado relevante para esses produtos como sendo Nacional com exceção da Região Nordeste para o cimento asfáltico.
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Henderson, Steven Christopher. "The economics of zinc plating : a microeconomic case study." Thesis, Georgia Institute of Technology, 1999. http://hdl.handle.net/1853/28979.
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Cebryk, Nancy. "Industrial price formation and industry concentration in Canadian manufacturing industries." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1997. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp04/mq22067.pdf.
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Cebryk, Nancy (Nancy Deborah) Carleton University Dissertation Economics. "Industrial price formation and industry concentration in Canadian manufacturing industries." Ottawa, 1997.
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Mara-Tjingaete, Cashandra Candice. "An investigation into the extent to which a share price is influenced by earnings per share, dividends per share and cash flow per share of industrial companies listed on the Johannesburg Stock Exchange." Thesis, Stellenbosch : Stellenbosch University, 2001. http://hdl.handle.net/10019.1/52114.
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Thesis (MBA)--Stellenbosch University, 2001.ENGLISH ABSTRACT: This research involves the study of the relationship between share prices, earnings per share, dividends per share and cash flow per share. The aim is to estimate the extent of the effect of earnings per share, dividends per share and cash flow per share on share prices. A sample of industrial companies, all listed on the Johannesburg Stock Exchange is used. The sample includes 17 sectors, containing a total of 326 companies. The data relating to these companies is sourced from the database of the University of Stellenbosch Business School. Twenty consecutive years of reported financial results are used. This includes (i) share prices as at the company's year-end, (ii) earnings per share, (iii) dividends per share and (iv) cash flow per share for the financial year. The data for each individual company is arranged in three separate structures. One structure, known as levels, is created using the data in their original form. A second structure, first differences, is constructed using the annual changes in the original data. The third structure, first difference percentages, is created using the annual changes in the original data calculated as a percentage of the previous year's figure. Several methods are used to analyse data, by way of statistical models known as linear regression, multiple regression and stepwise regression, which is a variation of multiple regression. Regression analysis is used in deterministic models because the value of one variable is predicted on the basis of other variables. Such models are called deterministic because they allow users of data to determine the value of the dependent variable from the value of the independent variable(s). Linear regression is capable of calculating the relationship between variables, which are dependent on each other and represents the dependency as a percentage. Multiple regression is a statistical model, which calculates and represents the relationship between three or more variables as an equation. Multiple regression is capable of calculating the relationship between the three or more variables which are dependent on each other and represents the dependency as a percentage. The statistical models are applied to each company individually, based on the three structures of the data. The conclusions of this research are based upon the results of the dependency of the variables, calculated by the various statistical models. The conclusions arrived at were that (1) the first differences structure is best suited to this model, (2) by placing the data of individual companies together in one pool, the problem of weighing each company was overcome, and (3) using linear regression results together with the multiple and stepwise regression results added value in terms of comparison of the accuracy of results. A comparison was drawn between the findings of this study and those of previous writers and is referred to in the text. Four researchers namely Strong, Board and Day, Brown and Mara-Tjingaete, regressed the results of earnings versus share price and produced R2 values of 12,8 percent, 13 percent, 7 percent and 7,8 percent respectively. Brown and Mara-Tjingaete found R2 results of 14 percent and 0,6 percent respectively for dividends versus share price and this study also produced an R2 result of 0,4 percent for cash flow versus share price.
AFRIKAANSE OPSOMMING: Hierdie navorsing behels die studie van die verwantskap tussen aandeelpryse, verdienste per aandeel, dividende per aandeel en kontantvloei per aandeel. Die doel daarvan is om die uitwerking van verdienste per aandeel, dividend per aandeel en kontantvloei per aandeel op aandeelpryse te bereken. 'n Steekproef van industriële maatskappye genoteer op die Johannesburgse Effektebeurs is gebruik. Die steekproef strek oor 17 sektore en sluit 326 maatskappye in. Die data van hierdie maatskappye is verkry van die databank van die Universiteit van Stellenbosch Bestuurskool. Twintig opeenvolgende jare se gepubliseerde finansiële state word in die steekproef gebruik. Dit sluit in (i) aandeelpryse soos op die maatskappye se finansiële jaareinde, (ii) verdienste per aandeel, (iii) dividende per aandeel en (iv) kontantvloei per aandeel vir die finansiële jaar. Die data vir elke maatskappy is in drie verskillende strukture gerangskik. Een struktuur, bekend as vlakke, is geskep deur die data in hulle oorspronklike vorm te gebruik. 'n Tweede struktuur, eerste verskille, is saamgestel deur die jaarlikse verandering in die oorspronklike data te gebruik. Die derde struktuur, eerste verskille-persentasies, is geskep deur die jaarlikse veranderinge in die oorspronklike data, bereken as 'n persentasie van die vorige jaar se syfer, te gebruik. Verskeie metodes word gebruik om data te ontleed, deur middel van statistiese modelle bekend as lineêre regressie, meervoudige regressie en stapsgewyse regressie, 'n variasie van meervoudige regressie. Regressie ontledings word gebruik in bepalende modelle omdat die waarde van een veranderlike gebruik word as basis om die waarde van die ander veranderlike te probeer voorspel. Sulke modelle word bepalend genoem vanweë die feit dat dit gebruikers van data in staat stel om die waarde van die afhanklike veranderlike te bepaal deur middel van die waarde van die onafhanklike veranderlike(s). Lineêre regressie kan die verwantskap tussen interafhanklike veranderlikes bereken en die afhanklikheid as 'n persentasie uitdruk. Meervoudige regressie is 'n statistiese model wat die verwantskap tussen drie of meer veranderlikes as 'n vergelyking bereken en voorstel. Meervoudige regressie kan die verwantskap tussen drie of meer interafhanklike veranderlikes bereken en die afhanklikheid as 'n persentasie uitdruk. Die statistiese modelle word toegepas op elke individuele maatskappy, gebaseer op die bogenoemde drie strukture. Die bevindinge van die navorsing is gebaseer op die resultate van die afhanklikheid van die veranderlikes soos deur die verskillende statistiese modelle bereken. Die uiteindelike gevolgtrekking was dat (1) die eerste verskille-struktuur die mees gepaste vir hierdie model is, (2) deur die data van die afsonderlike maatskappye in een poel te plaas, is die probleem van die gewig per maatskappy oorkom, (3) die gebruik van lineêre, meervoudige en stapsgewyse regressie het baie waarde ten opsigte van die vergelyking van akkuraatheid van die resultate toegevoeg. Vergelykings is getref tussen bevindinge in hierdie werkstuk en die van ander navorsers. Vier navorsers, naamlik Strong, Board en Day, Brown en Mara- Tjingaete het R2 resultate vir verdienste per aandeel teenoor aandeelpryse van onderskeidelik 12,8 persent, 13 persent, 7 persent en 7,8 persent gekry. Brown en Mara-Tjingaete het R2 resultate van onderskeidelik 14 persent en 0,6 persent bevind vir dividende per aandeel teenoor aandeelpryse en hierdie studie het ook R2 resultate van 0,4 persent vir kontantvloei per aandeel teenoor aandeelpryse gelewer.
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Bernardi, Arlos Renato. "Cálculo do preço de venda como fator de competitividade para produtos fabricados por micro e pequenas indústrias." reponame:Repositório Institucional do FGV, 2005. http://hdl.handle.net/10438/2476.
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Previous issue date: 2005-03-15T00:00:00ZThis thesis, entitled "Calculation of retail price as an important factor of competitive advantage for manufactured products by small business", will present a mathematical model for product price calculation in small business. These model are founded in the Accountant Theory and in the way that prices are calculated by these industries. These retail prices, calculated by this model, must be seen by the companies as the smallest possible prices able to lead them to their planned targets, since the products made by them are manufactures and sold according to a deadline and quantity previously considered at the moment of prices arrangements, and not further investments will be needed. Therefore, these prices are classified as competitive for some products, regarding the real competition.
Esta tese de conclusão do curso de doutoramento em Administração de Empresas, a qual tem por título Cálculo do preço de venda como fator de competitividade para produtos fabricados por micro e pequenas indústrias, tem como objetivo apresentar e validar um modelo, o qual consiste em uma equação matemática. O referido modelo está fundamentado na teoria contábil e os preços de venda dos produtos, através dele calculados, deverão ser interpretados pelas empresas, suas fabricantes, como sendo os menores possíveis de serem praticados, capazes de conduzi-las aos seus objetivos de resultados previamente estabelecidos, desde que esses produtos sejam fabricados e vendidos por essas indústrias dentro dos padrões de tempos de produção e em quantidades periódicas previamente orçadas e consideradas no modelo no momento das suas precificações, bem como sem investimentos adicionais aos já estabelecidos. Portanto, esses preços são classificados como sendo os competitivos desses produtos, em vista da realidade competitiva.
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Viegas, Claudia Assunção dos Santos. "Fusões e aquisições na indústria de alimentos e bebidas do Brasil: análise dos efeitos nos preços ao consumidor." Universidade de São Paulo, 2006. http://www.teses.usp.br/teses/disponiveis/12/12138/tde-29112006-172821/.
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Na década de 1990 o Brasil passou por um intenso processo de fusões e aquisições (F&A) que alteraram a configuração do parque industrial. A indústria de alimentos e bebidas teve destaque nesse processo. A proposta deste trabalho é avaliar se as F&A afetaram os preços ao consumidor na indústria de alimentos e bebidas do Brasil. Isso é feito no capítulo 3, utilizando-se dados do IPC-FIPE (Índice de Preços ao Consumidor da Fundação Instituto de Pesquisas Econômicas), da PIA-IBGE (Pesquisa Industrial Anual do Instituto Brasileiro de Geografia e Estatística) e do IPA-FGV (Índice de Preços no Atacado da Fundação Getúlio Vargas). Essa análise empírica é precedida por um estudo sobre a estrutura produtiva da indústria (Oferta: Capítulo 1) e um breve relato sobre as alterações recentes no mercado consumidor brasileiro (Demanda: Capítulo 2). Com isso, o trabalho oferece uma visão ampla sobre a indústria de alimentos e bebidas no Brasil, sinalizando mudanças após as fusões e aquisições, tanto na estrutura de oferta e demanda quanto no comportamento dos preços ao consumidor.In the nineties, Brazil has gone through an intense process of mergers and acquisitions (M&A), with significant impacts on the country´s industrial plant. The Food and Beverage industry has had eminence in this process. This work intends to evaluate whether the M&A´s have had an effect on consumer prices of the food and beverage industry. This is the content of chapter 3, making use of IPC-FIPE (Consumer Price Index of the Institute for Economic Research Foundation) and of the IPA-FGV (Producer Price Index of the Getúlio Vargas Foundation). The empirical analysis is preceded by a study of the productive structure of the industry (supply ? chapter 1) and a brief description of the recent change in the Brazilian consumer market (demand ? chapter 2). In this way, the study offers a broad view of the food and beverage industry in Brazil, indicating changes after the M&A´s in the supply and demand structure as much as in the behavior of consumer prices.
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Minsch, Rudolf. "Relative prices and inflation : an empirical analysis of firm-level price data from selected Swiss service industries /." Bamberg : Difo-Dr, 2002. http://www.gbv.de/dms/zbw/356765334.pdf.
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Tzavara, Dionisia. "Access and investment in regulated network industries." Thesis, University of Surrey, 2002. http://epubs.surrey.ac.uk/843394/.
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This thesis is about investment and access in network industries. More specifically, the aim of the thesis is to build theoretical models to examine some of the aspects of the link between access prices and incentives to invest in network infrastructure. We consider two basic questions relating to these issues, namely (i) how best to fund an incumbent network owner's investment when the network is an essential input for the operation of downstream providers, and (ii) what level of coverage a new firm which enters a market by building its own network infrastructure will choose. The choice of access prices has drawn a lot of attention from regulation economists and is a central aspect of regulatory planning. However, while becoming central to policy debate in the area, the effect of this choice on firms' incentives to invest in network infrastructure has received only limited attention. The questions considered here are motivated by examples in several network utilities in the UK and abroad. In both cases, substantial debate taking place concerning the choice of access prices and, at the same time, major investment in network infrastructure is required and is indeed taking place.
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Botes, Francois Jacobus. "A model to forecast the impact of road accessibility on the economic development potential of industrial land in urban areas." Thesis, Stellenbosch : Stellenbosch University, 2003. http://hdl.handle.net/10019.1/53250.
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Dissertation (PhD)--Stellenbosch University, 2003.ENGLISH ABSTRACT: The dissertation firstly outlines the findings of recent studies that have recorded the relationship between transport and economic development. This includes the assessment of a number of economic evaluation techniques that are available to predict the impact of improvements in transport on economic development. An historic overview is provided of the role that transport has played in the development of Cape Town. Due to the fact that the phases of development followed international development trends, it is concluded that development in Cape Town will follow the global trend. A number of economic growth scenarios are developed for Cape Town to assess how the City will be able to cope with the socio-demographic challenges facing it in the next century. The relationship between land price and the economic development potential of land is outlined, as are the factors that determine industrial land price, namely the demand and supply of industrial land. The process of determining the economic value of industrial land is described. This includes the collection and analysis of occupation rent of industrial townships in Cape Town, the calculation of property values and the calculation of the shadow price of land. A procedure of determining accessibility to industrial townships in Cape Town was developed. Firstly, accessibility was defined in broad terms. This was followed by a discussion of each of the elements of accessibility namely proximity, access and mobility in order to understand the factors that may impact on the level of accessibility. Finally, the level of accessibility is quantified in terms of generalised cost. A regression analysis was undertaken to establish a statistical relationship between the economic value of industrial land and accessibility to the industrial townships. The development of a numerical model was based on the regression analyses to forecast changes in industrial land price given a change in accessibility. The model was then tested on a case study. The main conclusions of the study are as follows: (a) The accessibility of industrial land in Cape Town is linked closely to its CSD I Port (it was not possible to separate the CSD and the port), which is typical of a monocentric city structure. (b) There is a positive, significant, quantifiable relationship between accessibility as quantified by means of generalised cost and the economic value of industrial land, which was calculated by means of the shadow price technique. (c) There are a number of conditions that should be met for an increase in local industrial production potential to be translated into an equal amount of economic output.
AFRIKAANSE OPSOMMING: Die proefskrif som eerstens die bevindings van onlangse studies op wat die verwantskap tussen vervoer en ekonomiese ontwikkeling dokumenteer. Dit sluit die taksering van 'n aantal ekonomiese evaluasietegnieke in wat beskikbaar is om die impak van vervoer op ekonomiese ontwikkeling te voorspel. 'n Historiese oorsig word verskaf van die rol wat vervoer gespeel het in die ontwikkeling van Kaapstad. As gevolg van die feit dat die fases van ontwikkeling in die verlede internasionale ontwikkelingstendense gevolg het, word tot die gevolgtrekking gekom dat Kaapstad die globalisasie markera, wat tans internasionaal gestalte kry, sal navolg. 'n Aantal ekonomiese groeiscenarios word vir Kaapstad ontwikkel ten einde te bepaal hoe die stad die sosiodemografiese uitdagings van die volgende eeu sal hanteer. Die verwantskap tussen grondprys en die ekonomiese ontwikkelingspotensiaal van grond word omskryf, asook die faktore wat industriële grondprys bepaal. Die proses van die bepaling van die ekonomiese waarde van industriële grond word beskryf. Dit sluit die insamel en analise van besettingshuurdata van industriële dorpsgebiede, die berekening van eiendomswaarde en die berekening van die skaduprys van grond in. 'n Prosedure is ontwikkel vir die berekening van die toeganklikheid van industriële dorpsgebiede in Kaapstad. Eerstens is toeganklikheid in breë trekke gedefinieër. Dit is gevolg deur 'n bespreking van elk van die elemente van toeganklikheid, naamlik nabyheid, aansluiting en mobiliteit ten einde die faktore wat op die vlak van toeganklikheid mag impakteer te verstaan. Laastens is die vlak van toeganklikheid gekwantifiseer in terme van veralgemeende vervoerkoste. 'n Regressie-analise is onderneem ten einde die statistiese verwantskap tussen die ekonomiese waarde van industriële grond en toeganklikheid na industriële dorpsgebiede te bepaal. Die ontwikkeling van 'n numeriese model is op die regressie-analise gebaseer ten einde veranderinge in industriële grondpryse te voorspel, gegewe 'n verandering in toeganklikheid. Die model is op 'n gevallestudie toegepas. Die vernaamste gevolgtrekkings van die studie is : (a) Die toeganklikheid van industriële grond in Kaapstad is nou gekoppel aan die sentrale sakekern I hawe (dit was nie moontlik om die sentrale sakekern en hawe te skei nie), wat tipies is van n monosentriese staduitleg. (b) Daar is n noemenswaardige positiewe kwantifiseerbare verwantskap tussen toeganklikheid, soos gekwantifiseer in terme van veralgemeende koste, en die ekonomiese waarde van industriële grond wat deur middel van die skaduprystegniek bereken is. (c) Daar is 'n aantal voorwaardes waaraan voldoen moet word alvorens 'n toename in plaaslike industriële produksiepotensiaal tot 'n soortgelyke toename in ekonomiese ontwikelingspotensiaal sal lei.
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Erdogdu, Erkan. "Essays on electricity market reforms : a cross-country applied approach." Thesis, University of Cambridge, 2013. https://www.repository.cam.ac.uk/handle/1810/244713.
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In the last two decades, more than half of the countries in the world have introduced a reform process in their power industries and billions of dollars have been spent on liberalizing electricity markets around the world. This thesis presents a doctoral research concerned with the cross-country empirical analysis of the electricity market reforms. The thesis is in three-paper format; that is, we present three independent but related stand-alone papers. The first paper focuses on the impact of power market reforms on electricity price-cost margins and industrial/residential price ratios. It investigates this issue by looking at the impact of the electricity industry reforms on residential and industrial electricity price-cost margins and their effect on industrial/residential price ratios. Using panel data from 63 developed and developing countries covering the period 1982–2009, empirical models are developed and analysed. The results suggest that each individual reform step has different impact on price-cost margins and industrial/residential price ratios for each consumer and country group. That is to say, our findings imply that similar reform steps may have different impacts in different countries, which supports the idea that reform prescription for a specific country cannot easily be transferred to another one with similar success. The second paper explores whether the question of why some countries are able to implement more extensive reforms is closely related to the question of why some countries have better institutions than others. It analyses this question by using an empirical econometric model based on Poisson regression with cross-section data covering 51 states in US, 13 provinces in Canada and 51 other countries. The study concludes that both the background of the chairperson and the minister/governor and institutional endowments of a country are important determinants of how far reforms have gone in a country. Considering the fact that ideological considerations, political composition of governments and educational/professional background of leaders have played and will play a crucial role throughout the reform process; the third paper attempts to discover the impact of political economic variables on the liberalization process in electricity markets. It develops and analyses empirical models using panel data from 55 developed and developing countries covering the period 1975–2010. The results suggest that a portion of the differences in the reform experiences of reforming countries in the past three decades can be explained by differences in the political structure, in the ideology of the government and in the professional and educational backgrounds of the political leaders.
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Shabgard, Bita. "Three essays on industrial organization: competition, price setting, regulation." Doctoral thesis, Universitat Autònoma de Barcelona, 2020. http://hdl.handle.net/10803/671327.
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Aquesta tesi doctoral es troba en el camp de l'organització industrial i se centra en tres mercats, és a dir, el mercat de motors de cerca, la indústria bancària i el mercat de pagaments amb targeta. Utilitzo enfocaments teòrics i empírics per estudiar qüestions clau en aquests mercats, com la competència, la fixació de preus i el antimonopoli. En aquest sentit, aquesta tesi doctoral té els tres objectius següents.
El primer objectiu és estudiar si i en circumpstancies circumstàncies l'asimetria entre els motors de cerca tendeix a augmentar o disminuir amb el temps i si és possible augmentar el domini amb la monopolització. En aquest sentit, exploro i resolc un joc d'inversió de duopoli dinàmic per dos motors de cerca competidors on inverteixen simultàniament en R & D per millorar la qualitat dels resultats de cerca al llarg de el temps. Els resultats mostren que, en determinades condicions, l'asimetria entre els motors de cerca s'esvaeix amb el temps i la ruta òptima de qualitat i inversió en R & D convergeix cap a l'equilibri d'estat estacionari. A més, trobo que quan la taxa de descompte és prou gran, l'asimetria entre els motors de cerca augmenta amb el temps i l'estructura de mercat passa d'un duopoli a un monopoli.
En segon lloc, estudi de com el projecte de Zona Única de Pagaments en Euros (SEPA) afecta la competència entre els bancs europeus en el mercat de pagaments minoristes. Per abordar aquesta pregunta, exploro i resolc un model de competència de preus no lineal entre dos bancs asimètrics en termes de capital considerant la discriminació de preus en pre-SEPA i preus uniformes en post-SEPA sota la presència d'economies d'escala. Els resultats mostren que el patró de transaccions té un paper vital en els efectes de la SEPA sobre la competència entre bancs. La competència és menys intensa en l'etapa posterior a la SEPA quan el patró de transaccions està orientat a nivell nacional. A més, la comparació d'abans i després de la SEPA suggereix que la aquestaintensifica la competència quan les economies d'escala són prou grans. A més, mostro que l'excedent de consumidor millora després de la SEPA com a resultat de preus uniformes, però l'efecte en el benestar depèn del cost de compliment del seu compliment.
En tercer lloc, examino empíricament com els canvis en la taxa d'intercanvi afecten els preus minoristes a Espanya. La tarifa d'intercanvi és un pagament del banc del comerciant (anomenat adquirent) a el banc de titular de la targeta (anomenat emissor) per transacció amb targeta. Aquesta és una tarifa fonamental que afecta l'ús de pagament amb targeta per part de la titular de la targeta i l'acceptació de la targeta per part d'un comerciant. Em centro en els dos costats del mercar i estudi les relacions a curt i llarg termini entre la taxa d'intercanvi i els preus minoristes considerant un panell de 10 sectors comercials diferents a Espanya des del primer trimestre del 2008 fins al quart trimestre del 2019. Els resultats mostren que, a llarg termini, els preus minoristes disminueixen com a resultat de la disminució de la taxa d'intercanvi, com havien esperat les autoritats antimonopoli.Esta tesis doctoral se encuentra en el campo de la organización industrial y se centra en tres mercados, a saber, el mercado de motores de búsqueda, la industria bancaria y el mercado de pagos con tarjeta. Utilizo enfoques teóricos y empíricos para estudiar cuestiones clave en estos mercados, como la competencia, la fijación de precios y el antimonopolio. En este sentido, esta tesis doctoral tiene los tres objetivos siguientes. El primer objetivo es estudiar si y en qué circunstancias la asimetría entre los motores de búsqueda tiende a aumentar o disminuir con el tiempo y si es posible aumentar el dominio con la monopolización. En este sentido, exploro y resuelvo un juego de inversión de duopolio dinámico para dos motores de búsqueda competidores donde invierten simultáneamente en R&D para mejorar la calidad de los resultados de búsqueda a lo largo del tiempo. Los resultados muestran que, en determinadas condiciones, la asimetría entre los motores de búsqueda se desvanece con el tiempo y la ruta óptima de calidad e inversión en R&D converge hacia el equilibrio de estado estacionario. Además, encuentro que cuando la tasa de descuento es suficientemente grande, la asimetría entre los motores de búsqueda aumenta con el tiempo y la estructura del mercado pasa de un duopolio a un monopolio. En segundo lugar, estudio cómo el proyecto de Zona Única de Pagos en Euros (SEPA) afecta la competencia entre los bancos europeos en el mercado de pagos minoristas. Para abordar esta pregunta, exploro y resuelvo un modelo de competencia de precios no lineal entre dos bancos asimétricos en términos de capital considerando la discriminación de precios en pre-SEPA y precios uniformes en post-SEPA bajo la presencia de economías de escala. Los resultados muestran que el patrón de transacciones tiene un papel vital en los efectos de la SEPA sobre la competencia entre bancos. La competencia es menos intensa en la etapa posterior a la SEPA cuando el patrón de transacciones está orientado a nivel nacional. Además, la comparación de antes y después de la SEPA sugiere que la SEPA intensifica la competencia cuando las economías de escala son lo suficientemente grandes. Además, muestro que el excedente del consumidor mejora después de la SEPA como resultado de precios uniformes, pero el efecto de la SEPA en el bienestar depende del costo de cumplimiento de la SEPA. En tercer lugar, examino empíricamente cómo los cambios en la tasa de intercambio afectan los precios minoristas en España. La tarifa de intercambio es un pago del banco del comerciante (llamado adquirente) al banco del titular de la tarjeta (llamado emisor) por transacción con tarjeta. Esta es una tarifa fundamental que afecta el uso de pago con tarjeta por parte del titular de la tarjeta y la aceptación de la tarjeta por parte de un comerciante. Me centro en dos lados del mercado y estudio las relaciones a corto y largo plazo entre la tasa de intercambio y los precios minoristas considerando un panel de 10 sectores comerciales diferentes en España desde el primer trimestre de 2008 hasta el cuarto trimestre de 2019. Los resultados muestran que, a largo plazo, los precios minoristas disminuyen como resultado de la disminución de la tasa de intercambio, como habían esperado las autoridades antimonopolio.
This doctoral dissertation is in the field of industrial organisation and focuses on three markets namely search engine market, banking industry, and card payment market. I use theoretical and empirical approaches to study key issues in these markets such as competition, price setting, and antitrust. In this regard, this doctoral dissertation has three objectives as follows. The first objective is to study whether and under what circumstances asymmetry between search engines tends to increase or decrease over time and whether increasing dominance with monopolisation is possible. In this regard, I explore and solve a dynamic duopoly investment game for two competing search engines where they simultaneously invest in R&D to improve the quality of search results over time. The results show that under certain conditions, the asymmetry between search engines vanishes over time and the optimal path of quality and R&D investment converge to the steady-state equilibrium. I further find that when discount rate is sufficiently large, the asymmetry between search engines increases over time and the market structure turns from duopoly to monopoly. Second, I study how Single Euro Payment Area (SEPA) project affects competition among European banks in the retail payment market. To address this question, I explore and solve a model of non-linear price competition between two asymmetric banks in terms of capital by considering price discrimination in pre-SEPA and uniform pricing in post-SEPA under the presence of economies of scale. The results show that the transaction pattern has a vital role in the effects of SEPA on competition between banks. Competition is less intense in post-SEPA when the transaction pattern is domestically oriented. Moreover, comparison of pre- and post-SEPA suggests that SEPA intensifies competition when economies of scale are large enough. I further show that consumer surplus improves in post-SEPA as a result of uniform pricing but the effect of SEPA on welfare depends on the compliance cost with SEPA. Third, I empirically examine how changes in the interchange fee affect retail prices in Spain. The interchange fee is a payment from the merchant's bank (called the acquirer) to the cardholder's bank (called the issuer) per card transaction. This is a fundamental fee that affects the card payment usage by a cardholder and the card acceptance by a merchant. I focus on two sides of the market and study the short- and long-run relationships between the interchange fee and retail prices considering a panel of 10 different merchant sectors in Spain from the first quarter of 2008 to the fourth quarter of 2019. The results show that in the long-run, retail prices decrease as a result of declining interchange fee as had been expected by antitrust authorities.
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Dessein, Wouter H. "Essays on the theory of organizations and network industries." Doctoral thesis, Universite Libre de Bruxelles, 2000. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/211739.
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Prasad, Kadambari. "The industrial organization of input markets." Thesis, University of Oxford, 2012. http://ora.ox.ac.uk/objects/uuid:3ec5eae8-e25a-4c87-bee7-136bb88cb683.
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This thesis consists of three closely connected pieces of work and an enhanced version of my M.Phil. thesis. The first three substantive chapters analyse vertical contracting in input markets under the exercise of differential buyer power. Chapters 2 and 3 consider the case of a supplier selling its output via a supermarket that offers captive demand (due to customers who anyway make a trip for their weekly shopping), which its rival, a local store is not able to offer. It is shown that the supermarket can negotiate an input price lower than the local store's only if its advantage translates into sufficient bargaining strength in setting contracts. The existence of a waterbed effect, the implications of a partially covered market, a nonlinear pricing structure and welfare implications of a ban in discrimination are also explored. Chapter 4 modifies the standard model where size determines buyer power to show that if quantities need to be decided in advance, an increase in a retailer's size is always welfare improving. For the presence of waterbed effects, we propose a novel insight that runs across different classes of models: following a discount to one retailer, the supplier faces two competing incentives - it wants to extract profits from the rival retailer but it also wants to transfer sales towards it. The waterbed effect is shown to be present only if the discount to the retailer is small, so incentives for profit extraction outweigh those for transferring business. Finally chapter 5 studies a firm's strategic incentive to outsource when its product displays network effects. It shows that a firm would choose to increase its observable marginal cost to make its competitor less aggressive and thereby increase its own probability of winning competition for the market. This is robust to small levels of uncertainty.
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Arroyo, Jorge M. "Money and the dispersion of relative prices in the drug and apparel industries." Thesis, Georgia Institute of Technology, 2001. http://hdl.handle.net/1853/28574.
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Wallace, Benjamin E. "ESSAYS ON PRICE DISCRIMINATION AND DEMAND LEARNING." UKnowledge, 2019. https://uknowledge.uky.edu/economics_etds/40.
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This dissertation consists of three essays examining how and why firms set prices in markets. In particular, this dissertation shows how firms may utilize nonlinear pricing to price discriminate, how firms may experiment with the prices they set to learn about the demand function in the market they serve in later periods and the effects of these pricing strategies on consumer welfare.
In Essay 1, I show how firms in the milk market use nonlinear price schedules -- quantity discounts -- to price discriminate and increase profits. I find that firms have a greater ability to price discriminate on their own ``private label'' products rather than regional branded that they sell alongside their own. Though some consumers benefit from a lower price as a result of the price discrimination, total consumer surplus is lower than if the store had to offer a fixed price per unit. Additionally, I compare my structural demand estimates, which using the Nielsen household panel data include consumer demographic information and actual household choices, to the standard approach in the literature on price discrimination that uses only market level data. By doing so I find that ignoring demographic information and actual consumer choices leads to biased parameter estimates. In the case of the milk market, the biased parameter estimates due to ignoring household demographic information and actual consumer choices lead to underestimating welfare harm to consumers on average.
After finding that price discrimination harms consumers overall in this market, I quantify which consumer demographic are better off and which are worse off. I find that households with children and low income households with children are the only households to benefit from the price discriminatory practices of firms in this market. Since these groups are particularly vulnerable, I suggest that policymakers take no action to correct this market, as any action will directly hurt these consumer groups.
In Essay 2, I study how firms learn about the demand in a new market by exploiting a significant change in Washington's state's liquor laws. In 2012, the state of Washington switched from a price-controlled state-store system of selling liquor to one in which private sellers could sell liquor with minimal restrictions on price and range of products. As a result, a heterogeneous group of firms entered the liquor market across the state with little knowledge of the regional demand for alcohol in the state of Washington across heterogeneous localities. Using the Nielsen retail scanner data I am able to observe the variation in pricing and offerings seasonally and over time to see if there is convergence in offerings and prices, and how quickly that convergence occurs across different localities depending on local demographics and competition. I also investigate the extent to which the variation is "experimentation'' by the firms, i.e., the firms purposely experimenting to learn more about demand and the extent that local demographics and competition can affect the experimentation and whether there are spill-overs from local competition (i.e. do firms learn from each other and does this effect how much they experiment and how quickly they learn).
My main findings are that over time, firms within this market have learned better how to price discriminate over the holiday season; firms experiment more with prices for the pint sized products than the larger sizes; and that menu of options that firms have offered has been expanding but at a slower rate, suggesting that they are approaching a long-run steady state for the optimal menu of options.
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Reiber, Oliver. "Wettbewerbsverhalten der deutschen Mineralölindustrie im Kraftstoffeinzelhandel, insbesondere Preisverhalten : zur Bestimmung von Kollusion und kollektiver Marktbeherrschung im Kartellrecht /." Frankfurt, M. ; New York, NY : Lang, 2009. http://d-nb.info/995244642/04.
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Francis, Frank Noble. "An econometric model of land prices in England." Thesis, University of Nottingham, 2004. http://eprints.nottingham.ac.uk/12169/.
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A thesis presented on the land market in England between 1951 and 2001, determining an econometric VAR model of land prices that establishes a link between the price of agricultural land in England and variables that are under the influence of policy makers. The model makes use of the Johansen technique to determine the short run and long run effects of variables that control land prices.
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Luu, Hieu Duc. "Essays on the Industrial Organization of Mortgage Markets." Thesis, Boston College, 2018. http://hdl.handle.net/2345/bc-ir:108036.
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Thesis advisor: Michael GrubbThis dissertation consists of two chapters on the industrial organization of mortgage markets in the United States.In the first chapter, titled “Consumer Search Costs in U.S. Mortgage Markets”, I focus on estimating the distribution of consumer search costs in the market for government-backed mortgages in the US during the period from September 2013 to March 2015. I adapt the Hortaçsu and Syverson (2004) search model to mortgage markets. I estimate the distribution of consumer search costs in each U.S. state using recent data on government-insured mortgages. I find that estimated search costs are large; a median borrower would face a search cost equivalent to about $40 in monthly repayment. At the state-level, search cost magnitude is related positively to household income and age and negatively to years of education. I solve counterfactual scenarios in order to study the relationship between search costs and welfare. Compared to the full information scenario, the presence of costly consumer search decreases social welfare by about $600 in monthly repayment per borrower. This decrease in welfare occurs because under costly search borrowers are matched with lower quality lenders and spend resources on searching. At the national level, this decrease corresponds to approximately $35 million per-month. Reductions in search costs would raise social welfare monotonically. A 10% reduction in search cost may raise social welfare by as much as $130 per borrower per month. These findings support recent policies that aim to reduce search costs of mortgage borrowers. In the second chapter, titled “Price Discrimination in U.S. Mortgage Markets”, I examine the existence of price discrimination generated by costly consumer search in the market for mortgages. I develop a stylized model of consumer search in mortgage markets where firms charge optimal prices that depend on borrowers' search cost level. The model produces testable restrictions on the conditional quantile function of observed transacted rates. Using the data on insured Federal Housing Agency loans where price variation is not driven by default risk, I run a quantile regression of transacted interest rates on a set of loan observables, including borrower's credit score, original principal balance, and loan-to-value ratio, among others. I find that predictions of the theoretical model are satisfied for all loan observables under consideration, and price discrimination created by costly consumer search is likely to exist in U.S. mortgage markets
Thesis (PhD) — Boston College, 2018
Submitted to: Boston College. Graduate School of Arts and Sciences
Discipline: Economics
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Larrieu, Thomas. "Topics in industrial organization applied to competition policy." Thesis, Université Paris-Saclay (ComUE), 2019. http://www.theses.fr/2019SACLX058/document.
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Les notions de plateforme, de marché bifaces ou même multi-faces sont aujourd’hui au cœur des discussions économiques du fait de l’explosion du e-commerce lié à l’essor des nouvelles technologies de l’information. Ces plateformes en lignes offrent de nouvelles opportunités et soulèvent de nombreuses questions (stratégie tarifaire, règlementation, etc.). Les deux premiers chapitres de cette thèse s’intéressent aux plateformes de réservation en ligne et plus particulièrement à l’impact concurrentiel des clauses de parités tarifaire. Ces dernières, mises en place par les plateformes, imposent aux vendeurs de proposer son bien ou service via la plateforme au meilleur prix disponible sur tous les autres canaux de ventes. Dans le premier chapitre, je montre que, d'un point de vue théorique, l'effet concurrentiel des clauses de parité est majoritairement négatif mais peut devenir positif en fonction du pouvoir de négociation de chacun des acteurs. Dans un second temps, une analyse empirique reposant sur une base de données unique de plus de 6 millions de prix, me permet de montrer que la suppression des clauses de parité à Paris a engendré une baisse tarifaire moyenne des hôtels de -3,1% à - 4,5%. Cette baisse peut en partie s'expliquer par une augmentation des stratégies de discrimination tarifaire. En effet, les hôtels ont augmenté de 1,4 à 2,3% la discrimination entre plateformes et ils ont augmenté de 2,1% à 3,6% leurs stratégies de discrimination inter-temporelle. Le dernier chapitre de cette thèse est dédié à l'analyse des amendes décidées par l'Autorité de la Concurrence entre 2006 et 2018 pour des pratiques de cartels. Nous montrons que ces amendes sont sous optimales car elles ne satisfassent pas les critères de dissuasion et de compensationThe Internet technology and the web economy create new types of markets and new relationships between market players. The majority of these new markets can be associated to platforms where two or more sides of the same market meet. Such “multi-sided” industries raise specific issues. Determining the optimal pricing strategy for both the platform and the users selling goods through the platform is one of the main challenges of this new economy. The first two chapters of my thesis analysis Price Parity Agreement (PPA) from a theoretical and an empirical point of view. I first study the effect of Price Parity Agreements from a theoretical perspective. I demonstrate that PPAs on the online booking market are detrimental to consumers if platforms have most of the bargaining power. They attenuate competition between platforms, lead to higher commission fees and higher hotel rooms’ prices. However, MFN clauses may also be welfare improving when hotels own the bargaining power and competition between them is high. The second chapter is dedicated to an empirical analysis of the effects of PPAs. Using a before-after design and controlling for external shocks, I demonstrate that the end of Price Parity Agreements imposed by public authorities to OTAs causes a decrease of about 3.1% to 4.5% in the average level of prices set by hotels. This decrease may be explained by an increase of price discrimination. I show that the level of price discrimination across OTAs increases by 2.3% to 1.4% after the drop of Price Parity Agreements and that the degree of inter-temporal price discrimination also increases by 3.6% to 2.1%. The last chapter of my thesis is focused on the analysis of the financial fines imposed by the French Autorité de la Concurrence to cartels in France between 2006 and 2018. We show that the level of these fines is sub-optimal and doesn’t meet the deterrence objective in the majority of the cases
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Mashamaite, Makwena Phistos. "Price asymmetry in South African futures markets for agricultural commodities." Thesis, University of Limpopo (Turfloop Campus), 2005. http://hdl.handle.net/10386/942.
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Thesis (M.Sc. ( Agricultural Economics )) --University of Limpopo, 2005The deregulation of agricultural markets in South Africa led to the establishment of a futures market for agricultural products, which was opened in January 1995. The marketing of Agricultural products act No. 47 of 1996 was passed at the end of 1996. The new Marketing of Agricultural Products Act (Act No. 47 of 1996) in South Africa has created an environment in which farmers, traders and processors are able to react positively to transparent prices that are market related. Agricultural futures markets serve several important functions, such as price risk management, price discovery and forward pricing. Economists around the world have studied vertical and spatial price relationships, and the behaviour of price changes in futures markets using asymmetry tests. Price asymmetry results in futures markets have a number of important implications. Firstly, traditional models in time series may be slightly biased when forecasting future prices, because they assume price symmetry. Secondly, asymmetry results may imply that the weak-form efficient markets hypothesis appears to be contradicted, thus indicating that past prices do affect current prices and do contain information. Lastly, if persistent asymmetry is found in futures markets, market regulators and policy makers may wish to use asymmetric information to improve the functioning and stability of futures markets through improved price limit and margin policies. Implementing policies iv accounting for asymmetric behaviour may help avoid market crashes and sudden unexpected price adjustments adversely affecting market participants. This study tests the existence of price asymmetry in South African futures markets for white and yellow maize, wheat and sunflower seeds using a dynamic price asymmetry model. The sum of coefficients test and the speed of adjustment test are used to determine whether or not prices move up in the same fashion as they move down, over daily and weekly data frequencies. Out of the four commodity futures markets studied over varying data frequencies, only daily wheat is price asymmetric. Wheat daily prices respond faster to price decreases than to price increases. The implication of the results is that past prices do affect current prices and contain information. Hence, the weak-form efficient market hypothesis appears to be contradicted for wheat futures market. Another important implication of the results is that implementing policies accounting for asymmetric behavior through price limit and margin policies will improve the functioning and stability of wheat futures market in South Africa.
National Research Foundation, and the University of Limpopo
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Edwards, Robert Andrew. "Essays in industrial organisation : price competition, strategic obfuscation, advertising & consumer behaviour." Thesis, University of Liverpool, 2017. http://livrepository.liverpool.ac.uk/3007004/.
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Caicedo, Jeannie Helen. "Relationship between technical knowledge and price-perceived quality in an industrial setting." FIU Digital Commons, 1994. http://digitalcommons.fiu.edu/etd/1967.
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As proven by many studies, non-industrial consumers perceive price as a strong quality indicator. However, the applicability of this behavior to an industrial setting has been long questioned. It is hypothesized in this research that the levels of price-perceived quality will decrease in an industrial setting as the technical knowledge of the buyer increases. Judgement Sampling method was used to select the most appropriate sample for this study. Since engineers are particularly important influencers in the purchase decision process in organization, engineering students and professors were chosen as the study population. A survey was administered to a sample population that consisted of 153 respondents out of which 3.3% were professors, 9.8% graduate students, and 76.4% undergraduate students; 70.6% males and 15.7% females; 13.7% Mechanical Engineering, 28.1% Industrial Engineering, 7.8% Civil Engineering, 34% Electrical Engineering, and 4.6% Computer Engineering students. We evaluated the relationship between technical knowledge and price-perceived quality in an industrial setting using various regression models and other statistical models. Findings indicate that the price-perceived quality effect moves from an almost linear behavior to a nonlinear one as the technical knowledge increases. However, the transition from linear to nonlinear seems to be random. Further studies are needed. In our specific experiment, technical attributes, such as processing speed, RAM size, hard drive size, and CD-ROM speed, possess a strong positive relationship with quality (i.e. a "the faster, the better; the more, the merrier" type of situation); on other hand, our experiment indicates that price loses its significance as an indicator of quality as the buyer's technical knowledge increases.
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Bezuidenhout, Christiaan Willem. "Prys-verdienste-verhoudings van genoteerde industriele maatskappye." Thesis, Stellenbosch : Stellenbosch University, 1995. http://hdl.handle.net/10019.1/58709.
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Thesis (MBA)--Stellenbosch University, 1995.ENGLISH ABSTRACT: In spite of the significant role of price-earnings ratios on the Johannesburg Stock Exchange. relatively little is known of the behaviour of these ratios over time. The price-earnings ratio is the price of the company's share. divided by the company's earnings per share. In a theoretically stable environment the interpretation of the price-earnings ratio is less problematic than in an everyday unstable. non-perfect market. The problem with a non-perfect market, is that the expectations and assumptions of investors start to play a role. This is difficult to quantify. To analyse price·earnings ratios now become problematic . Based on the formula for price-earnings ratio, one can say that it represents that which the investor is willing to pay, for one rand of the earnings of the company. A high price-earnings ratio is a function of either a big expected growth in earnings for the company, or a very small earnings for the company in that financial year. The purpose of this study is: 1) The accomplishment of a databank which reflects the relative rank of the different companies. 2) To establish the relationship of the rank of a given year with future ranks. The study was conducted on all industrial companies on the Johannesburg Stock Exchange. Price·earnings ratios calculated with share prices at financial year-end, as well as price-earnings ratios calculated with share prices three months after the financial year·end, were used in the study. Companies included in the study were divided into groups which have been listed for 20. 15, 10 and 5 years respectively. Descriptive statistical methods were used to find out more about the data. To establish the extent of the relationships between the different ranks, Spearman's rankorder coefficient was used. Finally a databank was established to show the different relative ranks of the different groups. Descriptive statistics indicated that price-earnings ratios are not disrtibuted normally. The median was therefore used in all the groups as representative of the data. The median showed a definite upward trend over time. The medians of the price-earnings ratios calculated on the share prices three months after financial year-end, closely follow the medians of the price-earning ratios calculated on share prices at financial year-end. This indicates that either investors do not take the earnings of the companies into account, or that investors' expectations of earnings are correct. It is, however, doubtful whether investors have sufficient information at financial year-end. Spearman's rankorder coefficient showed a definite positive and significant trend. especially if the time-span of the tests are taken into account. Companies which were therefore ranked high, wilt most probably be high again the following year, if the time-span does not exceed five years. The databank which was established to show the relative ranks of the different companies, showed that the so-called top companies do not necessarily fall into the top positions.
AFRIKAANSE OPSOMMING: Alhoewel prys-verdienste-verhoudings 'n belangrike rol op die Johannesburgse Effektebeurs speel, is relatief min inligting beskikbaar oor die werking daarvan oor die lang termyn. Die prys-verdienste-verhouding is die prys van die maatskappy se aandeel, gedeel deur die verdienste per aandeel. Die interpretasie van prys-verdienste-verhoudings is minder problematies in 'n teoreties stabiele omgewing as in 'n oorwegend onseker, nie-perfekte marksituasie. Die probleem in laasgenoemde tipe mark is dat beleggersverwagtings en -aannames toenemend 'n rol begin speel. Aangesien verwagtings en aannames moeilik is om te kwantifiseer, bemoeilik dit ook die interpretasie van prys-verdienste-verhoudings. Volgens die formule verteenwoordig prys-verdienste-verhoudings dit wat beleggers bereid is om te betaal, vir een rand verdienste van die maatskappy. 'n Groot prys-verdienste-verhouding is 'n funksie van groot verwagte verdienstegroei van die maatskappy, of 'n baie klein verdienste per aandeel vir die maatskappy in daardie betrokke finansiele jaar. Die doel van die studie is: 1) Die daarstelling van 'n databank van prys-verdienste-verhoudings wat die relatiewe rangorde van die verskillende maatskappye reflekteer. 2) Vasstelling van die verband tussen rangordes van 'n bepaalde jaar en toekomstige rangordes . Die studie is gedoen op alle industriële maatskappye op die Johannesburgse Effektebeurs. Prys-verdienste-verhoudings bereken volgens aandeelpryse op finansiële jaareinde, asook die bereken op aandeelpryse drie maande na afloop van die finansiële jaareinde van die betrokke maatskappy , is by hierdie studie ingesluit. Maatskappye is in vier groepe verdeel naamlik maatskappye wat onderskeidelik al 20, 15, 10 en 5 jaar genoteer is. Ter toeligting van hierdie data in die verskillende groepe, is beskrywende statistiese metodes gebruik en geinterpreteer. Spearman se rangorde korrelasiekoëffisient is gebruik om die omvang van die verband tussen rangordes vas te stel. 'n Databank is laastens opgestel vir die verskillende groepe wat relatiewe rangorde aantoon. Volgens die beskrywende statistiese metodes is die prys-verdienste-verhoudings nie normaal verdeel nie. Die mediaan is dus in alle groepe as verteenwoordigend van die data gebruik, in plaas van die gemiddelde. Die mediaan het in alle groepe 'n skerp stygende tendens oor tyd getoon. Mediane van prys-verdienste-verhoudings bereken op aandeelpryse drie maande na die finansiële jaareinde, het 'n sterk ooreenkoms getoon met mediane van prys-verdienste-verhoudings bereken op finansiële jaareind aandeelpryse. Dit kan 'n gevolg wees van of die feit dat beleggers hulle nie veel steur aan die verdienstes van maatskappye nie, of dat beleggers se verwagtings van die maatskappye se verdienstes korrek was. Dit is egter te betwyfel of beleggers op finansiële jaareinde oor genoegsame intigting beskik. Spearman se rangorde korrelasiekoëffisient toon 'n definitiewe positiewe en beduidende tendens, veral as die tydsduur van die toetse wat gedoen is in ag geneem word. Maatskappye met 'n hoë rangorde sal daarom waarskynlik ook die daaropvolgende jare 'n hoë rangorde hê, veral as die tydperk nie langer as vyf jaar is nie. Volgens die databank wat saamgestel is om die relatiewe rangordes van die verskillende maatskappye se prys-verdienste-verhoudings aan te toon. hey, sogenaamde top maatskappye nie hoog in die hiërargie van top maatskappye gefigureer nie.
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Rabello, Mateus Nunes. "A dynamic model of price competition with switching and search costs." reponame:Repositório Institucional do FGV, 2011. http://hdl.handle.net/10438/8550.
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Em modelos de competição de preços, somente um custo de procura positivo por parte do consumidor não gera equilíbrio com dispersão de preços. Já modelos dinâmicos de switching cost consistentemente geram este fenômeno bastante documentado para preços no varejo. Embora ambas as literaturas sejam vastas, poucos modelos tentaram combinar as duas fricções em um só modelo. Este trabalho apresenta um modelo dinâmico de competição de preços em que consumidores idênticos enfrentam custos de procura e de switching. O equilíbrio gera dispersão nos preços. Ainda, como os consumidores são obrigados a se comprometer com uma amostra fixa de firmas antes dos preços serem definidos, somente dois preços serão considerados antes de cada compra. Este resultado independe do tamanho do custo de procura individual do consumidor.
In models of price competition, positive consumer search cost alone does not lead to a price dispersion equilibrium. Dynamic models with switching cost, on the other hand, consistently generate this well-documented feature of retail prices. Even though both literature are vast, very few models attempted to put both frictions together. This paper presents a dynamic model of price competition where identical consumers face both search and switching cost. Equilibrium prices display price dispersion. Moreover, becouse consumers have to commit to a sample size before prices are set, then only two prices will be considered before each purchase. This result is independent of the size of the individual search cost.