The economic effect of forest policy changes in British Columbia: an event study of stock-market returns

1995 ◽  
Vol 25 (6) ◽  
pp. 978-986 ◽  
Author(s):  
Daowei Zhang ◽  
Clark S. Binkley
Keyword(s):  
British Columbia ◽  
Stock Prices ◽  
Economic Effect ◽  
Forest Policy ◽  
Forest Products ◽  
Private Land ◽  
Policy Changes ◽  
Stock Market Returns ◽  
The Government ◽  
The Impact

In 1987 the government of British Columbia (B.C.) made substantial changes in its forest policy, including "clawing back" 5% of the volume committed on all of its replaceable licenses and shifting of reforestation costs to the licensees. Analysis of the reaction of stock prices to the announcement of these policy changes reveals that the policy had a negative, but not statistically significant impact on B.C. forest products companies taken as a whole. Those medium-sized B.C. forest products firms that own little private land and operate mainly in B.C. suffered small but statistically insignificant losses. The policy changes apparently did not affect large B.C. forest products firms and non BC-based forest products firms. The results may arise because (i) as a result of restrictions on log exports the volume reductions were simply reallocated within extant timber markets, (ii) timber from the replaceable licences is fully priced, (iii) the adjustments were small when compared with the overall market capitalization of the firms involved, and (iv) there was general financial euphoria in the late 1980 s. These findings should not be extended to larger policy adjustments or to the problem of evaluating the impact of province-wide reductions in allowable harvest levels.

scholarly journals Fiscal Policy Shocks and the Dynamics of Asset Prices in Turkey

2015 ◽  
Author(s):  
Evrim Tören ◽  
Mehmet Balcılar
Keyword(s):  
Fiscal Policy ◽  
Stock Prices ◽  
Asset Prices ◽  
Housing Prices ◽  
Banking System ◽  
Asset Markets ◽  
Important Relationship ◽  
Policy Shocks ◽  
The Government ◽  
The Impact

Asset markets and the asset prices affect financial institutions, consumers, producers and policy makers while they are making decisions. There is an important relationship not only between the financial market and banking system but also between the housing market and the credit market. Therefore, the study analyzes the impact of fiscal policy on asset prices by using beyasian vector autoregressive models. The sample data has been gathered from the Central Bank of the Republic of Turkey. The aim is to demonstrate the effects of fiscal policy shocks on stock prices and housing prices. The data covers the period between 1988:Q1 and 2014:Q2. Overall, the results confirm that the spending shocks coming from fiscal policy have a greater influence on the stock prices. In addition, the government revenue shocks are more influential on the house prices compared to the stock prices in Turkey.

scholarly journals Tax Reform: Is it Welfare-Enhancing or Welfare-Reducing?

2021 ◽  
Vol 21 (3) ◽  
pp. 1101-1112
Author(s):  
Roshaiza Taha ◽  
Norsiah Ahmad ◽  
Wan Anisah Endut ◽  
Saeed Rabea Ali Baatwah
Keyword(s):  
Tax Reform ◽  
Consumer Welfare ◽  
Price Effect ◽  
Policy Changes ◽  
The Public ◽  
Goods And Services ◽  
Negative Effect ◽  
The Government ◽  
The Impact ◽  
Shed Light

The ongoing tax reform in Malaysia has triggered our motivation to understand the effect of such reform on the public since the government has continuously emphasised that the changes would not burden the consumer. Whether this is a myth or reality is deemed interesting to ponder upon. Thus, this study aims to provide evidence concerning Malaysian tax reform on consumer welfare by looking at the price effect, consumer burden, and inflation. Price observations of the pre-, during and post-reformation period were conducted to provide meaningful evidence. Interestingly, the outcome of the observation rules out the public accusation that the tax reform would boost the price of goods and services and further result in a welfarereducing event. Also, a review of the recent statistics on poverty incidence does not show a negative effect of tax policy changes on society’s welfare. It is hoped that the discussion provided in this paper will shed light on the impact of tax reformation in Malaysia, albeit a further thorough examination might be required. 

Factors affecting the international competitiveness of polish economy system in 2004-2019

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Konrad Rojek
Keyword(s):  
Econometric Model ◽  
Negative Impact ◽  
Economic Effect ◽  
International Competitiveness ◽  
Gdp Per Capita ◽  
Content Type ◽  
Per Capita ◽  
The Government ◽  
Polish Economy ◽  
The Impact

Purpose This study aims to present the issue of the international systemic competitiveness of the Polish economy. The essence of this concept was shown, as well as the measures and methods of analysis used. The aim of the research was to identify the factors that had the greatest impact on the formation of the international systemic competitiveness of the Polish economy. Design/methodology/approach An econometric model was constructed to explain the shaping of the value of the dependent variable (gross domestic product [GDP] per capita) in the years 2004–2019. For this purpose, explanatory variables were used selected from among the measures of the international systemic competitiveness of the Polish economy. The developed econometric model was verified to check its practical usefulness. This process was performed using the Gretl program. The research also used the Pentagon Model of Macroeconomic Stabilization, which was used to examine the general economic development of Poland because of which it is possible to conclude about the international systemic competitiveness of the economy. Findings In the analyzed period (2004–2019), the international systemic competitiveness of the Polish economy was to the greatest extent conditioned by such factors as government integrity, tax burdens and investment freedom. It is significant that the integrity of the government had a negative impact on the value of GDP per capita. Practical implications The results of the conducted research may be particularly useful for the institutional sphere. They indicate systemic factors that had the greatest impact on the prosperity of Polish society in the analyzed period. This enables the weakest elements of the policy to be identified and improved. Proper applications and appropriate corrective actions will have a positive economic effect. Originality/value So far, it has not been possible to develop/indicate a uniform and generally accepted measure and method of analyzing international systemic competitiveness. Therefore, all attempts to assess and measure systemic competitiveness have a high research value. The vast majority of studies on the international competitiveness of the economy focus only on assessing its level (growth, decline and comparison with other countries). When building an econometric model (based on the 2004–2019 time series), the author also checks the impact of its individual components, not only its level. On this basis, it can be deduced, which factors influenced the competitiveness in a given period to a greater extent, positively or negatively.

Impact of timber-fee increases on British Columbia forest products companies: an economic and policy analysis

1998 ◽  
Vol 28 (4) ◽  
pp. 617-625 ◽  
Author(s):  
Clark S Binkley ◽  
Daowei Zhang
Keyword(s):  
British Columbia ◽  
Stock Exchange ◽  
Forest Products ◽  
Good News ◽  
Forest Sector ◽  
Average Charge ◽  
Fully Depleted ◽  
Highly Correlated ◽  
Policy Direction ◽  
The Impact

On 14 April 1994, the British Columbia government announced a new stumpage formula that, at then-expected product prices, increased the average charge by about $12/m3 and more than doubled the rate at which stumpage fees change when lumber prices change. Most of the increased revenues are reinvested in the forest sector by a new organization, Forest Renewal British Columbia (FRBC), created specifically for that purpose. Using standard event-study methodologies, this paper documents the net effect of the fee increases and new policy direction on British Columbia forest products companies. After controlling for firm-specific risk and the decline in the Toronto Stock Exchange that occurred at about the same time, the new stumpage policy extracted about $1.0 billion from shareholders of the firms studied, and perhaps $2.4 billion from all licencees (an amount roughly equal to the capitalized after-tax cost of the higher fees). The impact on individual firms is highly correlated with the allowable annual cut (AAC) in replaceable licenses each holds, with an average impact of about $33.3/m3 of AAC. The market appears to have discounted both the good news about offsets in impending timber-supply reductions that the creation of FRBC implies and the reductions in earnings risk that the new stumpage system provides. When added to the increased regulatory costs associated with the new provincial Forest Practice Code, the timber-fee increases appear to have fully depleted the value of holding British Columbia timber quotas.

scholarly journals The status of and recent trends in forest sector research in British Columbia

1999 ◽  
Vol 75 (4) ◽  
pp. 607-613 ◽  
Author(s):  
Clark S. Binkley ◽  
Susan B. Watts
Keyword(s):  
British Columbia ◽  
Forest Policy ◽  
Forest Products ◽  
Forest Sector ◽  
Research Activity ◽  
Forestry Research ◽  
Funding Sources ◽  
Sector Research ◽  
The Status ◽  
Forest Renewal

In the decade between 1988 and 1998, expenditures on forest sector research in British Columbia have increased substantially in absolute terms but have fallen in relation to the scale of the province's forestry enterprise. These aggregate trends mask important shifts in funding sources and in the specific fields of research that have been supported. The crown corporation Forest Renewal BC has emerged as the dominant source of support for forestry research, clearly displacing appropriated funds with-in the B.C. Ministry of Forests. As a result of falling stumpage fees and changes in forest policy, this source of support is now declining and the long-term security of the Forest Renewal BC research program is in question. At present, expenditures on forestry research are more or less consistent with expenditures on forestry research in other advanced forested jurisdictions, but the anticipated decline in Forest Renewal BC research support belies this otherwise favourable finding. Expenditures on forest products research in the province have not matched their counterparts elsewhere in the world, and recently have declined precipitously. Forestry – forest conservation, management, products and production processes – is becoming ever more complex. Research activity in the province does not appear adequate to sustain the flow of economic and ecological wealth from forests that British Columbians have always enjoyed and have come to expect.

scholarly journals A cause and effect relationship between FIIs, DIIs and stock market returns in India: pre- and post-demonetization analysis

2020 ◽  
Vol 6 (1) ◽  
Author(s):  
Narayan Parab ◽  
Y. V. Reddy
Keyword(s):  
Stock Market ◽  
Negative Impact ◽  
Negative Relationship ◽  
Market Returns ◽  
Institutional Investment ◽  
Stock Market Returns ◽  
Market Sentiment ◽  
Indian Economy ◽  
The Government ◽  
The Impact

Abstract In one of the most historic decisions in the Indian economy, the Government of India demonetized its two highest currency notes (Rs. 500 and Rs. 1000) on November 8, 2016. The Indian stock market does not only consist of domestic investors; however, it does attract a large pool of foreign investors. The present study, considering the significance of demonetization in Indian economy, attempted to examine the association between foreign institutional investment (FII), domestic institutional investment (DII) and stock market returns taking into account a period of 686 days from June 11, 2015, to March 27, 2018, i.e., 343 days pre- and post-demonetization. The study made use of various statistical techniques such as summary statistics, augmented Dickey–Fuller test, correlation analysis and regression analysis. The results indicate a negative relationship of FIIs and DIIs with Nifty 50 Index Returns prior to demonetization; however, such a relationship was noticed to be positive post-demonetization. The present study did not evidence a significant impact of demonetization on FIIs and DIIs, but a significant negative impact was noticed in the case of Nifty 50 Index and various sectoral indices post-demonetization. Nifty Realty sector was found to be severely affected because of demonetization. The study will help the government in understanding the impact of demonetization on foreign and domestic institutional investors, various sectoral indices and evaluate market sentiment post-demonetization and therefore frame necessary policies. Also, the information provided in present study will help various stock market participants.

scholarly journals Sejarah Pembinaan terhadap Suku Anak Dalam di Kabupaten Batanghari Provinsi Jambi (1970-2014)

2019 ◽  
Vol 9 (2) ◽  
pp. 244
Author(s):  
Ferry Yanto
Keyword(s):  
Oil Palm ◽  
Central Government ◽  
Forest Products ◽  
Development Theory ◽  
New Order ◽  
Forest Conversion ◽  
Coaching Process ◽  
The Government ◽  
Customary Land ◽  
The Impact

The focus of the problem in this study is to analyze the coaching process carried out by the Government and NGOs. The phenomenon of forest conversion into large oil palm plantations has eliminated the source of livelihoods of the SAD community, which largely depends on forest products. Transfer of land functions also caused some SAD out of their original home range and made SAD fragmented and formed groups with new identities. The study was conducted using historical research methods with a socio-cultural approach. The use of development theory is needed to support the writing of this thesis. From the results of the study it was found that the impact of the formation and effect of the conversion of forest functions which were used as large oil palm plantations and settlements of transmigrants during the New Order changed some SAD communities to shift their livelihoods, change their mindset, broaden their traditions and culture of origin and shape their origin a new identity. After entering the period of Regional Autonomy, the SAD people who were initially silent and accepted all the policies that came from the Central Government, now become a tough person and oppose all the injustices that were perpetrated by the New Order Government. SAD began to demand customary rights in the form of customary land which affected the next Government.

scholarly journals Dampak Covid-19 terhadap Fluktuasi Harga Saham dan Volume Transaksi Saham pada Perusahaan Subsektor Telekomunikasi Yang Terdaftar di Bursa Efek Indonesia

2021 ◽  
Vol 5 (1) ◽  
pp. 73
Author(s):  
Listya Devi Junaidi ◽  
Lukman Hakim Siregar ◽  
Malesa Anan
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Teaching And Learning ◽  
Hypothesis Test ◽  
Work From Home ◽  
Normality Test ◽  
Before And After ◽  
Telecommunication Companies ◽  
The Government ◽  
The Impact

The impact of the spread of the COVID-19 outbreak is not only detrimental to human health but also detrimental to the country's economy both domestically and abroad. After the announcement of the entry of this outbreak to Indonesia on March 2, 2020, the government tried to make various efforts to reduce the spread of this virus, namely by conducting social distancing, work from home (WFH) and, teaching and learning activities from home. This activity requires people to always be in touch with electronic media such as laptops, smartphones, etc. However, this situation has benefited subsector Telecommunication companies where the need for internet services is increasing. This study aims to determine how the comparison of stock prices and share transaction volume in telecommunication sub-sector companies before and after the announcement of the spread of COVID-19 in Indonesia. This research uses A normality test and hypothesis test Paired Sample T-Test. The results of this study indicate that COVID-19 has a significant impact on the value of stock prices and the volume of stock transactions in the telecommunications sub-sector where the value of stock prices and the volume of stock price transactions that had previously increased but decreased.

scholarly journals A Study Between the Taxpayers’ Perception Toward the Tax Policy Changes and the Tax Compliance in Sri Lanka: A Tax Relief in Response to the Impact of Covid-19 Epidemic, and its Implications

2021 ◽  
pp. 52-64
Author(s):  
K. G. Asela Gamini Bandara ◽  
W. M. R. B. Weerasooriya
Keyword(s):  
Sri Lanka ◽  
Tax Policy ◽  
Tax Compliance ◽  
Primary Data ◽  
Policy Changes ◽  
Study Guides ◽  
Tax Relief ◽  
Epidemic Period ◽  
The Government ◽  
The Impact

Purpose – This paper primarily investigates the relationship between the taxpayers’ perception of the tax policy changes and the tax compliance in Sri Lanka. The researcher also aims to provide advice to the policymakers about the specific approach to be followed when considering the tax relief measures and also emphasizing the importance of maintaining a flexible tax policy during the epidemic period which will be crucial in meeting the revenue target of the government. Design/Methodology/approach-The researcher used questionnaires to gather primary data from 125 respondents and then editing to spot errors and omissions for the aim of creating necessary corrections and at last, apply statistical tools for data analysis using SPSS software. Findings – The results show that taxpayers’ attitudes toward the changes in the tax policy and tax compliance form a strong positive relationship and further, changes in its policy have a significant impact on their compliance level. Cronbach’s alpha exceeds 0.7 implies that instruments are sufficiently reliable for the measurement. Originality/value- This was the first study undertaken to explore the link between the attitude toward the tax policy changes and the tax compliance in Sri Lanka during the Covid-19 epidemic period. This study guides to fill up the existing research gap in the country and further, directions are also useful for future researchers to undertake an identical survey.

Investigating the Impact of the Announcement of Loan Moratorium on Stock Prices: Evidence from Indian Public Sector Banks

2020 ◽  
Vol 9 (2) ◽  
pp. 106-116
Author(s):  
Animesh Bhattacharjee ◽  
Madhu Kumari ◽  
Joy Das
Keyword(s):  
Public Sector ◽  
Stock Prices ◽  
Market Model ◽  
Index Model ◽  
Chambers Of Commerce ◽  
Reserve Bank ◽  
Bank Stock ◽  
The Government ◽  
The Impact ◽  
Reserve Bank Of India

The present article applies event study methodology in an attempt to investigate the impact of the announcement of 3-month moratorium by Reserve Bank of India on Indian public sector bank equity returns. For the present study, the estimation period is considered to be 120 trading days while the event window is considered to be 21 trading days. To compute the expected returns, the study uses a single-index model or the market model proposed by Fama [Fama, E., 1976. Foundations of finance. Basic Books]. The findings of the study suggest that the market responded to the news relating to the liquidity infusion by the Reserve Bank of India, falling global indices, development of potential coronavirus vaccine, and the announcement of 3 weeks period lockdown. The study further concluded that the market anticipated that the government may announce loan moratorium since industry bodies like The Associated Chambers of Commerce and Industry of India and The Federation of Indian Chambers of Commerce and Industry have recommended loan moratorium in order to safeguard the business enterprises especially the micro-, small- and medium-enterprise sector. Thus, the adjustment in the bank stock prices occurred before the announcement of the 3-month loan moratorium and as a consequence the average annual return on day ED-0 is found to be insignificant.

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