The Reporting of Timber Market Prices

1987 ◽  
Vol 4 (3) ◽  
pp. 160-161
Author(s):  
Bruce R. Michie ◽  
Thomas Kametz
Keyword(s):  
Market Price ◽  
Private Landowners ◽  
Market Prices ◽  
Price Data ◽  
Reliable Source ◽  
Stumpage Price ◽  
Timber Market ◽  
Timber Markets

Abstract Timber market price reports make useful information available to private landowners. Insights regarding what information to include are discussed as well as what sources should provide that information. Basic definitions, explanations of how to interpret price data, and a description of local timber markets, would be helpful to landowners. Sawmills appear to be the most reliable source of Pennsylvania stumpage price data. North. J. Appl. For. 4:160-161, Sept. 1987.

UJI TINGKAT KESESUAIAN NILAI JUAL OBJEK PAJAK DENGAN MENGGUNAKAN APLIKASI ASSESSMENT RATIO

INFO ARTHA ◽  
2021 ◽  
Vol 5 (1) ◽  
pp. 45-53
Author(s):  
Swasito Adhipradana Prabu
Keyword(s):  
Market Price ◽  
Current Level ◽  
Accuracy Rate ◽  
Tax Base ◽  
Market Prices ◽  
Administration System ◽  
Positive Correlation ◽  
Big Cities ◽  
Better Than

The decentralization of PBB-P2 in Indonesia is expected to produce a better PBB-P2 administration system. One indicator of a better PBB-P2 administration system is a fair collection of PBB-P2 based on tax base (NJOP) valuation close to market prices. This study examines whether NJOP, as the basis for the imposition of PBB-P2, is in accordance with the market price using the assessment ratio. This study found that the current level of accuracy of the NJOP has not met the standard agreed upon by the IAAO. In addition, this study also found that the NJOP accuracy rate in big cities was slightly better than the NJOP accuracy rate in other cities. In addition, this study also found that there was no positive correlation between NJOP updating activities through SPOP filling and NJOP accuracy. Desentralisasi PBB-P2 di Indonesia diharapkan menghasilkan sistem penatausahaan PBB-P2 yang lebih baik. Salah satu indikator dari sistem penatausahaan PBB-P2 yang lebih baik adalah pemungutan PBB-P2 yang adil dengan dasar pengenaan pajak (NJOP) yang mendekati harga pasar. Studi ini meneliti apakah NJOP sebagai dasar pengenaan PBB-P2 sudah sesuai dengan harga pasar menggunakan assessment ratio. Penelitian ini menemukan bahwa tingkat akurasi NJOP saat ini belum memenuhi standar yang disepakati oleh IAAO. Selain itu, penelitian ini juga menemukan bahwa tingkat akurasi NJOP di kota besar, sedikit lebih baik dibanding tingkaat akurasi NJOP di kota-kota lainnya. Selain itu, penelitian ini juga menemukan bahwa tidak ada korelasi positif antara kegiatan pemutakhiran NJOP melalui pengisian SPOP dengan tingkat akurasi NJOP.

scholarly journals Fractional differencing in stock market price and online presence of global tourist corporations

2019 ◽  
Vol 24 (48) ◽  
pp. 194-204 ◽  
Author(s):  
Francisco Flores-Muñoz ◽  
Alberto Javier Báez-García ◽  
Josué Gutiérrez-Barroso
Keyword(s):  
Time Series ◽  
Stock Market ◽  
Market Price ◽  
Google Trends ◽  
Data Sets ◽  
Market Prices ◽  
Content Type ◽  
Search Results ◽  
Online Presence ◽  
Fractional Differencing

Purpose This work aims to explore the behavior of stock market prices according to the autoregressive fractional differencing integrated moving average model. This behavior will be compared with a measure of online presence, search engine results as measured by Google Trends. Design/methodology/approach The study sample is comprised by the companies listed at the STOXX® Global 3000 Travel and Leisure. Google Finance and Yahoo Finance, along with Google Trends, were used, respectively, to obtain the data of stock prices and search results, for a period of five years (October 2012 to October 2017). To guarantee certain comparability between the two data sets, weekly observations were collected, with a total figure of 118 firms, two time series each (price and search results), around 61,000 observations. Findings Relationships between the two data sets are explored, with theoretical implications for the fields of economics, finance and management. Tourist corporations were analyzed owing to their growing economic impact. The estimations are initially consistent with long memory; so, they suggest that both stock market prices and online search trends deserve further exploration for modeling and forecasting. Significant differences owing to country and sector effects are also shown. Originality/value This research contributes in two different ways: it demonstrate the potential of a new tool for the analysis of relevant time series to monitor the behavior of firms and markets, and it suggests several theoretical pathways for further research in the specific topics of asymmetry of information and corporate transparency, proposing pertinent bridges between the two fields.

scholarly journals CONCEPT OF ECONOMICAL‐MATHEMATICAL MODEL OF LAND MARKET

2007 ◽  
Vol 13 (4) ◽  
pp. 333-340
Author(s):  
Gintautas Šatkauskas
Keyword(s):  
Mathematical Model ◽  
Input Parameter ◽  
Market Price ◽  
Research Process ◽  
Land Market ◽  
Market Prices ◽  
Noise Background ◽  
Input Parameters ◽  
Main Components ◽  
Sufficient Precision

Input parameters, ie factors defining the market price of agricultural‐purpose land, are interrelated very often by means of non‐linear ties. Strength of these ties is rather different and this limits usefulness of information in the research process of land market prices. Influence of input parameter changes to the input parameters in case when there are rather substantial changes may be determined in someone direction with a sufficient precision, whereas in other directions with comparatively small changes of input parameters this influence is difficult to be separated from the “noise” background. Taking into account the above‐listed circumstances, the concept of economical‐mathematical model of land market should be as follows: there is carried out re‐parameterisation of the process by means of introduction of new parameters in such a way that the new parameters are not interrelated, and the full process is evaluated at the minimal number of these parameters. These requirements are met by the main components of the input parameters. Then normalisation of the main components is carried out and dependencies on new parameters are determined. It is easier to interpret the dependencies obtained having reduced the number of input parameters and the higher the non‐linearity of interrelations of primary land market data, the greater effect of normalisation of input-parameter components. The results are compared with the valuations of experts.

scholarly journals International Real Estate Review

2010 ◽  
Vol 13 (3) ◽  
pp. 282-322
Author(s):  
Massimo Biasin ◽  
◽  
Anna Grazia Quaranta ◽  
Keyword(s):  
Real Estate ◽  
Financial Risk ◽  
Market Price ◽  
Policy Implications ◽  
Share Price ◽  
Prudential Regulation ◽  
Market Prices ◽  
Capital Theory ◽  
Bankruptcy Risk ◽  
Almost All

In contrast to the US experience, most international (European) real estate investments trusts (REITs) are subject to prudential regulation. This paper investigates the effects of prudential regulation on capital structures and consequently, the REIT share values of major legal and market constraints (i.e. leverage limitations, market discount on net asset value (NAV), tax controls) that affect non-US REITs. Italian market data are used for an empirical analysis. Our hypothesis is that in a constrained environment, the effects on share price significantly depend on the adopted valuation perspective, i.e. if shares are valued by following a NAV or a financial approach. The logic for this hypothesis is that the two valuation methodologies perceive leverage and implied financial risk differently. In particular, we argue that NAV valuation techniques incentivise REITs to maximize leverage regardless of the financial theory which indicates a contrasting impact of debt on the market value of shares. Differences in financial risk perception could also partially explain market price discounts on NAVs.The empirical results seem to support these expectations. Almost all Italian REITs tend to increase debt ratios over time. NAV discounts are significantly related to leverage. The discount effect is largely attributable to NAV increases that result from rising debt levels. On the contrary, share market prices tend to be independent from leverage. The latter result may indicate that the classic capital theory applies and current debt ratios do not imply bankruptcy risk. The results have significant policy implications in terms of an optimal regulatory design.

scholarly journals The Dynamic Relationship between Crude Oil Prices and Stock Market Price Volatility in Nigeria: A Cointegrated VAR-GARCH Model

2019 ◽  
pp. 1-12
Author(s):  
David Adugh Kuhe
Keyword(s):  
Stock Market ◽  
Crude Oil ◽  
Market Price ◽  
Garch Model ◽  
Price Volatility ◽  
Oil Prices ◽  
Market Prices ◽  
Dynamic Relationship ◽  
Crude Oil Prices ◽  
Long Run

This study investigates the dynamic relationship between crude oil prices and stock market price volatility in Nigeria using cointegrated Vector Generalized Autoregressive conditional Heteroskedasticity (VAR-GARCH) model. The study utilizes monthly data on the study variables from January 2006 to April 2017 and employs Dickey-Fuller Generalized least squares unit root test, simple linear regression model, unrestricted vector autoregressive model, Granger causality test and standard GARCH model as methods of analysis. Results shows that the study variables are integrated of order one, no long-run stable relationship was found to exist between crude oil prices and stock market prices in Nigeria. Both crude oil prices and stock market prices were found to have positive and significant impact on each other indicating that an increase in crude oil prices will increase stock market prices and vice versa. Both crude oil prices and stock market prices were found to have predictive information on one another in the long-run. A one-way causality ran from crude oil prices to stock market prices suggesting that crude oil prices determine stock prices and are a driven force in Nigerian stock market. Results of GARCH (1,1) models show high persistence of shocks in the conditional variance of both returns. The conditional volatility of stock market price log return was found to be stable and predictable while that of crude oil price log return was found to be unstable and unpredictable, although a dependable and dynamic relationship between crude oil prices and stock market prices was found to exist. The study provides some policy recommendations.

Modeling Financial Bubbles and Market Crashes

2017 ◽  
Author(s):  
Didier Sornette
Keyword(s):  
Stock Market ◽  
Hazard Rate ◽  
Market Price ◽  
Imitative Behavior ◽  
Rational Model ◽  
Basic Principles ◽  
Market Prices ◽  
Speculative Bubbles ◽  
Financial Bubbles ◽  
Market Crashes

This chapter considers two versions of a rational model of speculative bubbles and stock market crashes. According to the first version, stock market prices are driven by the crash hazard that may increase sometimes due to the collective behavior of “noise traders.” The second version assumes the opposite: the crash hazard is driven by prices that may soar sometimes, again due to investors' speculative or imitative behavior. The chapter first provides an overview of what a model is before discussing the basic principles of model construction in finance. It then describes the basic ingredients of the two models of speculative bubbles and market crashes, along with the main properties of the risk-driven model. It also examines how imitation and herding drive the crash hazard rate and concludes with an analysis of the price-driven model, how imitation and herding drive the market price, and how the price return drives the crash hazard rate.

Deal Pricing and Returns in Private Equity

2019 ◽  
Keyword(s):  
Private Equity ◽  
Market Price ◽  
Market Prices ◽  
Fund Managers ◽  
Relative Pricing ◽  
Price Levels ◽  
High Yields

Deal returns of private equity (PE) transactions are strongly influenced by EV/EBITDA multiple expansion, which in turn is the result of differences in deal pricing from entry to exit. This article sheds light on how relative pricing, in comparison to market price levels, influences multiple expansion and thus deal returns. The authors analyze the influence of both market price levels by themselves, as well as of deal pricing in relation to those market price levels. In addition, they analyze the influence of this relative pricing on final deal returns. Using a sample of 2,174 unique PE transactions, they find that multiple expansion is an important factor in explaining deal returns. The authors further find that buying low and selling high in comparison to market prices from the same segment positively influences multiple expansion. While there is a need for both, selling high yields about twice as much as buying low. They attribute a skill set to general partners who are investing in PE deals, as general partners can influence the pricing when buying or selling companies through their negotiations. Because a negotiation is something entered consciously, the outcome—resulting in deal pricing—is not based on luck alone. The authors thus recommend that limited partners providing capital to PE funds look for fund managers with this skill set as it can help achieve higher than normal returns in their transactions and funds.

scholarly journals Time-frequency Connectedness between Coal Market Prices, New Energy Stock Prices and CO2 Emissions Trading Prices in China

2020 ◽  
Vol 12 (7) ◽  
pp. 2823 ◽  
Author(s):  
Chun Jiang ◽  
Yi-Fan Wu ◽  
Xiao-Lin Li ◽  
Xin Li
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Market Price ◽  
Market Prices ◽  
Frequency Bands ◽  
Coal Price ◽  
Time Frequency ◽  
New Energy ◽  
Coal Market ◽  
Wavelet Coherency

This paper aims to examine whether there is inherent dynamic connectedness among coal market prices, new energy stock prices and carbon emission trading (CET) prices in China under time- and frequency-varying perspectives. For this purpose, we apply a novel wavelet method proposed by Aguiar-Conraria et al. (2018). Specifically, utilizing the single wavelet power spectrum, the multiple wavelet coherency, the partial wavelet coherency, also combined with the partial phase difference and the partial wavelet gains, this paper discovers the time-frequency interaction between three markets. The empirical results show that the connectedness between the CET market price and the coal price is frequency-varying and mainly occur in the lower and higher frequency bands, while the connectedness between the CET market price and the new energy stock price mainly happen in the middle and lower frequency bands. In the high-frequency domain, the CET market price is mainly affected by the coal price, while the CET market price is dominated by the new energy stock price in the middle frequency. These uncovered frequency-varying characteristics among these markets in this study could provide several implications. Main participants in these markets, such as polluting industries, governments and financial actors, should pay close attention to the connectedness under different frequencies, in order to realize their goal of the production, the policymaking, and the investment.

scholarly journals PSII-21 Evaluation of the impact of the magnitude of errors in the sorting of pigs and market price for market on the optimal market weight

2019 ◽  
Vol 97 (Supplement_2) ◽  
pp. 231-232
Author(s):  
Jian Cheng ◽  
Joanna Claudy ◽  
Yichen Que ◽  
Allan P Schinckel
Keyword(s):  
Polynomial Function ◽  
Estimation Error ◽  
Market Price ◽  
Production Costs ◽  
Marketing System ◽  
Market Prices ◽  
Pork Production ◽  
Base Price ◽  
The Impact ◽  
Daily Returns

Abstract The objective was to estimate the impact the accuracy in which pigs are sorted for marketing has on the optimal market carcass weight (CW) using a stochastic model. Three levels of bodyweight estimation error (BWEE) with SD’s of 0, 4, and 8% of BW were simulated. Initially, pigs were marketed in 3 marketing cuts (MCUT), 25% at 169, 25% at 179, and 50% at 193 d of age. The timing of marketing was shifted in 7d intervals with mean marketing ages of 155.5 to 211.5 d. Sort loss was calculated using the Tyson Foods marketing system. Sort loss ($/pig) values were fitted to a polynomial function of mean CW for each level of BWEE. Pork production costs were estimated using an industry spreadsheet. A base price of $1.433/kg of CW was used to produce a small profit per pig. Market prices of $1.653 and $1.322/kg of CW were used to reflect times of large profit or losses per pig. Barrow and gilt lean premiums were included. The optimal CW’s to maximize profit/pig and daily returns above daily costs were estimated for each combination of BWEE and market price. With accurate sorting (BWEE = 0), the optimal mean age was 183.5d at a mean CW of 96.4 kg and a profit of $3.49/pig. With less accurate sorting (BWEE = 8%), the optimal mean age decreased to 181.5 d with mean CW of 95.2 kg, and profit of $2.89/pig. With this marketing system, the optimal market ages decreased by 1 to 2d and CW’s decreased by 0.6 to 1.3kg as the accuracy of sorting decreased. The lower market price reduced the optimal CW by 1.2kg (2d) and increased 2.4kg (4d) with the higher market price.

scholarly journals Causality Between Captive Supplies and Cash Market Prices in the U.S. Cattle Procurement Market

2012 ◽  
Vol 41 (3) ◽  
pp. 340-350 ◽  
Author(s):  
In Bae Ji ◽  
Chanjin Chung
Keyword(s):  
Market Price ◽  
Wald Test ◽  
Market Prices ◽  
Causal Direction ◽  
Cash Market ◽  
Supply Relationship ◽  
Causality Tests ◽  
Dependent Model ◽  
The U.S ◽  
Captive Supply

This study tests the causal direction between captive supply and cash market price in the U.S. cattle procurement market. Finding the correct causality should provide useful information to the decades-long debate on packers’ anti-competitive behavior in the U.S. cattle procurement market. It should also help researchers find better econometric specifications for the cash price-captive supply relationship. Two causality tests—the Granger test and the Modified Wald test—were conducted. Overall test results indicate that captive supply causes cash market price, and it favors the price-dependent model.

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