scholarly journals Explainer: Do taxes on property cause high house prices? No.

2021 ◽  
Author(s):  
Cameron Murray
Keyword(s):  
House Prices ◽  
Market Price ◽  
Value Added ◽  
Market Prices ◽  
Price Effects ◽  
Indirect Taxes ◽  
Housing Industry

Housing industry lobbyists in Australia and abroad often claim that property-related taxes comprise a large and growing share of the price of new housing and are hence pushing up the market price of new and existing dwellings. Land taxes, stamp duties on property transactions, GST on value-added investments, and other fees and charges are generally included in this analysis, as are many inferred price effects that are assumed to be due to regulations.This note explains four reasons why the claims of this tax summation approach are not valid.1.Many of the included costs are not taxes on new housing.2.Adding indirect taxes double counts.3.Assumed price effects are implausible.4.Taxes on property assets reduce market prices, not add to them.

scholarly journals Who Really Benefits from Consumption Tax Cuts? Evidence from a Large VAT Reform in France

2019 ◽  
Vol 11 (1) ◽  
pp. 38-63 ◽  
Author(s):  
Youssef Benzarti ◽  
Dorian Carloni
Keyword(s):  
Value Added ◽  
Consumption Tax ◽  
Difference In Differences ◽  
Firm Level ◽  
Employment Effects ◽  
Level Data ◽  
Price Effects ◽  
Firm Level Data ◽  
Material Goods ◽  
Firm Owners

This paper evaluates the incidence of a large cut in value-added taxes (VATs) for French sit-down restaurants in 2009. In contrast to previous studies, which only focus on the price effects of VAT reforms, we estimate the effects of the VAT cut on four groups: workers, firm owners, consumers, and suppliers of material goods. Using a difference-in-differences strategy on firm-level data, we find that: firm owners pocketed more than 55 percent of the VAT cut; consumers, sellers of material goods, and employees shared the remaining windfall with consumers benefiting the least; and the employment effects were limited. (JEL H22, H25, L83)

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 Development of Protein Rich Flavored Bar

2021 ◽  
Vol 9 (12) ◽  
pp. 104-107
Author(s):  
Kaustav Mukherjee
Keyword(s):  
Protein Energy Malnutrition ◽  
Market Price ◽  
Value Added ◽  
Nutrient Content ◽  
Diabetic Patients ◽  
Organoleptic Evaluation ◽  
Sesame Seeds ◽  
Pumpkin Seeds ◽  
The Cost ◽  
Protein Rich

Abstract: The present study entitled “Development of protein rich flavoured bar” was conducted with the objective to develop protein rich flavoured bar using different ingredients, to assess the sensory accessibility, determine the nutritional composition and cost of developed protein bar. Protein rich flavoured bar were prepared by using three treatments i.e. T1 (dates 50g, oats 10g, flaxseeds 5g, sesame seeds 5g, pumpkin seeds 5g, peanut powder 10g, honey 5g, cocoa powder 10g), T2 (dates 45g, oats 8g, flaxseeds 5g, sesame seeds 5g, pumpkin seeds 5g, peanut powder 10g, honey 12g, guava flavour 10g) and T3 (dates 40g, oats 13g, flaxseeds 5g, sesame seeds 5g, pumpkin seeds 5g, peanut powder 10g, honey 12g, orange flavour 10g). Organoleptic evaluation of the prepared product in relation to sensory attributes was carried out using the nine point hedonic scale score card by Srilaksmi (2015). The nutrient content of the value added food products were calculated with the help of food composition table given by Gopalan et al., (2011). The cost of individual raw ingredients used in the preparation of the food product as the prevailing market price. All treatments were replicated four times and the data obtained during investigation were statistically analyzed by using analysis of variance (ANOVA) and critical difference (C.D.) techniques. On the basis of sensory acceptability it was found that T1 was scored highest in terms of colour and appearance, body and texture, flavour and taste and overall acceptability. As well as T1 shows significantly high in the nutritive value among all treatments regarding energy, protein, carbohydrates, fat, fibre, calcium and iron. The cost of the protein rich flavoured bar per 100g of dry ingredients at the prevailing cost of the raw materials was highest in T1 (Rs. 29.33) followed by T2 (Rs. 20.69) and T3 (Rs. 20.34). Dates are very good source of fibre, carbohydrate, protein and act as natural sweetener with no fat. As the bar is rich in protein, iron and other macronutrients, so it is majorly recommended for Protein-energy malnutrition (PEM), athletes and anemic patient. Daily 100g of dates intake helps to get all essential nutrients. Strictly restricted for Type-1 diabetic patients. Keywords: Protein, Nutrient content, organoleptic evaluation, nutrition bar, cost.

scholarly journals Impact of Sovereign Debt Credit Rating Revision on Banking Industry: Evidence from G7 Countries

2019 ◽  
Vol 8 (2) ◽  
pp. 85-100
Author(s):  
Reza Tahmoorespour ◽  
Mohamed Ariff ◽  
Alireza Zarei
Keyword(s):  
Sovereign Debt ◽  
Credit Rating ◽  
Banking Industry ◽  
Information Leakage ◽  
Market Prices ◽  
New Findings ◽  
Price Effects ◽  
Study Methodology ◽  
Rating Changes ◽  
Event Study Methodology

Abstract The aim of this study is to identify the economic impacts on G7 banking industry when sovereign rating is revised. We used event study methodology (t-statistics) and found that sovereign rating changes significantly affect share market prices. It seems that there is information leakage prior to sovereign rating announcement dates as released by the S&P: there are some negative price effects as well on mixed-type rating change effects, such as ‘rating watch’ announcements. These are new findings that may help to extend the sovereign rating literature in terms of findings from multiple countries, and on sustainability of debt taking.

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.

scholarly journals Assistance of Amanah Farmer Women's Group in Increasing Product Value Added Through Packaging and Label Design in Limapuluh Kota Regency

2021 ◽  
Vol 5 (2) ◽  
Author(s):  
Iis Ismawati ◽  
Raeza Firsta Wisra ◽  
Imelfina Musthafa ◽  
Riva Hendriani
Keyword(s):  
Market Price ◽  
Value Added ◽  
Added Value ◽  
Selling Price ◽  
Product Packaging ◽  
Implementation Team ◽  
Product Value ◽  
West Sumatra ◽  
Group Members ◽  
Value Added Products

Kelompok Wanita Tani (KWT)  Amanah is one of the SME groups that processes cassava into tradisional snacks of West Sumatra. Most products are sold wholesale, do not have labels and packaging, so the selling price is lower than the market price. The lack of knowledge of group members about the importance of product packaging and labels still an obstacle. The purpose of this community dedication is to provide awareness to the KWT Amanah community about the importance of labels and packaging in increasing product added value. In addition, the implementation team provided assistance in arranging P-IRT. The method used is trainning, discussion, observation and demonstration. This counseling activity provides insight and knowledge that can motivate KWT Amanah to make decisions in choosing the type of packaging used. This community dedication program are improves value added products through label designs,  increase members knowledge and create the products selling value  for partner.

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.

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