scholarly journals Socially Optimal Market Prices / for Associated Petroleum Gas and the Problem of Their Acceptability

2019 ◽  
pp. 76-84
Author(s):  
Ekaterina O. Lobanova
Keyword(s):  
Petrochemical Industry ◽  
Fair Price ◽  
Optimal Price ◽  
Market Prices ◽  
Associated Gas ◽  
The Public ◽  
Market Participants ◽  
Scientific Approach ◽  
Gas Market ◽  
Made In

The socially optimal price (Russ. – GOC) is the price that is most relevant to the public interest. However, in some markets, situations arise when the GOC turns out to be negative, that is, the seller has to pay the buyer for the product being sold. In such situations, there may be a conflict of interests between the seller (trader) and the company. One of these markets is the oil associated gas (Russ. – APG) market in Russia. The oil associated gas market is unique and has no analogues in the world. The market structure is monopoly-monopsony. SIBUR comes from the buyer of petroleum gas, one of the oil-producing companies from the seller’s side. In the course of its historical development, conflicts often arose in the market, which were based on the pricing of petroleum gas. Market participants could not agree on a fair price for gas. This circumstance prompted the regulator to reform the NPG market using a scientific approach. In 2009, the NPG market was liberalized, but the state does not monitor prices in this market. Calculations made in 2016 showed that in some cases, an EOC for oil associated gas is negative. When applying negative OOCs, a conflict of interest is inevitable, which can lead to serious market disruptions and jeopardize the work of the petrochemical industry in Russia. The article attempts to analyze the acceptability of the use of negative GOCs and to develop measures aimed at increasing the acceptability of the sellers of negative GCbs of the products they sell.

Associated petroleum gas market: Pricing mechanisms

2021 ◽  
Vol 57 (4) ◽  
pp. 49
Author(s):  
Sergei Chernavskii
Keyword(s):  
Western Siberia ◽  
Joint Production ◽  
Optimal Price ◽  
Market Pricing ◽  
Market Prices ◽  
Associated Petroleum Gas ◽  
Marginal Costs ◽  
Market Factors ◽  
Gas Market ◽  
Actual Price

In Western Siberia, the main oil-producing region of Russia, all functioning regulated marketsof associated petroleum gas (APG) have been liberalized. Because of the monopoly-monopsony structure there is a threat of market prices deviation from socially optimal levels, corresponding to the maximum of public good. The analysis of this threat and assessment of the factors that support it is an urgent problem, which has not yet been covered in the scientific literature. The purpose of the study is to assess the consequences of the liberalization of APG markets. The tool for solving the problems of the study is the economic theory of formation of market equilibrium prices in the joint production of APG and oil. On a liberalized APG market, the maximum public welfare corresponds to a set of market prices, which are determined when considering a virtual competitive market. The actual price is formed under the influence of non-market factors. The liberalized market has no mechanism for forming a socially optimalcomposition of non-market factors, and the parties have no information allowing them to determine the corresponding socially optimal APG price. Therefore, it must be set by the regulator. The algorithms for calculation of marginal costs of joint production of oil and APG and socially optimal price of APG are constructed.

International Conference "Ecology. Human. Society"

2017 ◽  
Author(s):  
Daniel Benatov
Keyword(s):  
Educational Process ◽  
Direct Access ◽  
Human Society ◽  
Public Authorities ◽  
State Institutions ◽  
The Public ◽  
Market Participants ◽  
New Information ◽  
Training Courses ◽  
Process Element

Our conference is the first project of Student Science Association, which was restored in our University in 1998. The main peculiarity of the conference is the student organizing committee. The conference was attended by representatives of Russia, Belarus, Sweden, Poland, Bulgaria, Armenia, Azerbaijan, Czech Republic, Lithuania, Latvia, Georgia, Iran, not mentioning hundreds of Ukrainian participants. We’re happy with the fact that our conference allows students to discover new information, which they wouldn’t find in training courses manuals; contrariwise businesses and organizations can get direct access to young and qualified staff. We believe that events like our conference are useful for the young scientists and also for the public authorities and businesses. Conference "Ecology. Human. Society "is a part of feedback between universities and market participants. The conference has overgrown limits of being simple educational process element. Today, it is a serious recruiting resource for state institutions and businesses - an important part of a mutually beneficial dialogue.

Does Recent Academic Research Support Changes to Audit Reporting Standards?

2016 ◽  
Vol 30 (2) ◽  
pp. 255-275 ◽  
Author(s):  
Jean Bédard ◽  
Paul Coram ◽  
Reza Espahbodi ◽  
Theodore J. Mock
Keyword(s):  
Financial Reporting ◽  
Academic Research ◽  
Financial Statements ◽  
Future Research ◽  
Research Support ◽  
The Public ◽  
Market Participants ◽  
Information Gap ◽  
Public Company ◽  
Reporting Process

SYNOPSIS The Public Company Accounting Oversight Board (PCAOB), the International Auditing and Assurance Standards Board (IAASB), and the U.K. Financial Reporting Council (FRC) have proposed or approved standards that significantly change the independent auditor's report. These initiatives require the auditor to make additional disclosures intended to close the information gap; that is, the gap between the information users desire and the information available through the audited financial statements, other corporate disclosures, and the auditor's report. They are also intended to improve the relevancy of the auditor's report. We augment prior academic research by providing standard setters with an updated synthesis of relevant research. More importantly, we provide an assessment of whether the changes are likely to close the information gap, which is important to financial market participants and other stakeholders in the audit reporting process. Also, we identify areas where there seems to be a lack of sufficient research. These results are of interest to all stakeholders in the audit reporting process, as the changes to the auditor's report are fundamental. Additionally, our summaries of research on the auditor's report highlight where there is limited research or inconsistent results, which will help academics identify important opportunities for future research.

Tax-Advantaged Trust Use Among IPO Executives: Determinants and Implications for Valuation and Future Performance

2019 ◽  
Vol 95 (3) ◽  
pp. 145-175 ◽  
Author(s):  
Michael J. Dambra ◽  
Matthew Gustafson ◽  
Phillip J. Quinn
Keyword(s):  
Stock Price ◽  
Relevant Information ◽  
Data Availability ◽  
Market Prices ◽  
The Public ◽  
Future Performance ◽  
Estate Taxes ◽  
Price Appreciation ◽  
One Year ◽  
Jel Classifications

ABSTRACT We examine the prevalence and determinants of CEOs' use of tax-advantaged trusts prior to their firm's IPO. Twenty-three percent of CEOs use tax-advantaged pre-IPO trusts, and share transfers into tax-advantaged trusts are positively associated with CEO equity wealth, estate taxes, and dynastic preferences. We project that pre-IPO trust use increases CEOs' dynastic wealth by approximately $830,000, on average. We next examine a simple model's prediction that trust use will be positively related to IPO-period stock price appreciation. We find that trust use is associated with 12 percent higher one-year post-IPO returns, but is not significantly related to the IPO's valuation, filing price revision, or underpricing. This evidence is consistent with CEOs' personal finance decisions prior to the IPO containing value-relevant information that is not immediately incorporated into market prices. JEL Classifications: D14; G12; G32; M21; M41. Data Availability: Data are available from the public sources cited in the text.

Security Analyst and Stock Market Efficiency in Anticipating Tax-Motivated Income Shifting

2006 ◽  
Vol 81 (1) ◽  
pp. 227-250 ◽  
Author(s):  
Philip B. Shane ◽  
Toby Stock
Keyword(s):  
Earnings Forecasts ◽  
Income Shifting ◽  
Market Prices ◽  
Tax Rate ◽  
Income Effects ◽  
Market Participants ◽  
Security Analyst ◽  
Market Inefficiency ◽  
Reported Earnings ◽  
Statutory Tax Rate

In the context of the statutory tax rate reductions enacted in the Tax Reform Act of 1986, this paper investigates the degree to which capital market participants anticipate and correctly interpret temporary income effects of tax-motivated income shifting. We find evidence consistent with financial analysts' earnings forecasts failing to anticipate earnings management that shifts income from fourth quarters in higher tax rate years to immediately following first quarters of lower tax rate years. The evidence suggests that this failure is not the result of a decision to ignore the income shifting, but rather an inability to recognize temporary components of reported earnings. We also find evidence that market prices do not fully reflect the temporary income effects of tax-motivated income shifting, and that analyst inefficiency explains about half of the market inefficiency. We interpret these inefficiencies as potentially important costs of tax planning that could limit the ability of public firm managers to implement otherwise optimal tax strategies.

England, Ireland, and Rome, 1847-1848

1989 ◽  
Vol 25 ◽  
pp. 259-277
Author(s):  
Donal A. Kerr
Keyword(s):  
Great Britain ◽  
Catholic Church ◽  
British Government ◽  
Catholic Priests ◽  
The Public ◽  
Northern District ◽  
Catholic Religion ◽  
Pius Ix ◽  
Public Papers ◽  
Made In

In the spring of 1848 a number of respected English vicars-general, William Bernard Ullathorne of the Western District, John Briggs of the Northern District, and Thomas Brown of Wales decided that one of them, together with Fr Luigi Gentili, the Rosminian missioner, should proceed immediately to Rome. Their object would be to support, by personal intervention with Pius IX, a memorial drawn up by Briggs, signed by twenty Irish and three or four bishops in Great Britain, which was solemnly presented to the Pope by Thomas Grant, President of the English College in Rome. This memorial ran: we most... solemnly declare to Your Holiness that British Diplomacy has everywhere been exerted to the injury of our Holy Religion. We read in the public Papers that Lord Minto is friendly received... by Your Holiness At this very time, however,... the first Minister of the British Government, the Son in Law of Lord Minto is publicly manifesting in England, together with his fellow Ministers, his marked opposition to the Catholic Religion and the Catholic Church. Another cause of our serious alarm is the very general hostile and calumnious outcry now made in both houses of our Parliament and throughout Protestant England against the Catholic Priests of Ireland, falsely charging them with being the abettors of the horrible crime of murder whilst as true Pastors they are striving t o . . . console their... perishing people and like good shepherds are in the midst of pestilence giving their lives for their flocks.

Closing Remarks

2019 ◽  
Vol 15 (S367) ◽  
pp. 515-517
Author(s):  
Debra Meloy Elmegreen
Keyword(s):  
Big Data ◽  
Education Research ◽  
Strategic Plan ◽  
Astronomy Education ◽  
The Public ◽  
The Many ◽  
Collaborative Efforts ◽  
Made In

AbstractThis symposium has highlighted key first steps made in addressing many goals of the IAU Strategic Plan for 2020–2030. Presentations on initiatives regarding education, with applications to development, outreach, equity, inclusion, big data, and heritage, are briefly summarized here. The many projects underway for the public, for students, for teachers, and for astronomers doing astronomy education research provide a foundation for future collaborative efforts, both regionally and globally.

THE PEDIATRICIAN AND THE PUBLIC

PEDIATRICS ◽  
1955 ◽  
Vol 15 (4) ◽  
pp. 479-487
Author(s):  
John A. Askin ◽  
Kurt Glaser
Keyword(s):  
World War Ii ◽  
World War I ◽  
Old Testament ◽  
Jewish People ◽  
Jewish State ◽  
World War ◽  
The Public ◽  
Short Period ◽  
State Of Israel ◽  
Made In

IN SPITE of a short period of sovereignty— less than 7 years—the State of Israel is playing an important role in matters pertaining not only to the Middle East but, in some respects, in matters of importance to the whole world. In medicine the advances in Israel have been no less striking than the progress made in other fields. It is felt that the pediatricians of our country might be interested to learn about Israel's medical status, particularly pertaining to pediatrics. Palestine, of which the present Israel is a part, was in Old Testament times known as Canaan or Philistia because of the tribes which lived there. Palestine was the home of the Jewish people from the time Joshua conquered the land, about 1400 B.C., until the Romans destroyed the Jewish State in the year 70 A.D. Around 630 A.D. the country came under Moslem power. From 1516 to the end of World War I Palestine was a part of the Turkish Empire. In 1917, the British Government issued the famous Balfour Declaration which promised the Jews of the world that they could build a national homeland in Palestine. The League of Nations made the land a British mandate in 1920. From then until World War II Palestine was at several occasions plunged into violent civil war between the Jews and the Arabs. After World War II in 1947 Great Britain announced a decision to give up the Mandate.

State of the Art — 1973

1973 ◽  
Vol 18 (3) ◽  
pp. 175-183 ◽  
Author(s):  
Nathan B. Epstein ◽  
Duane S. Bishop
Keyword(s):  
State Of The Art ◽  
Therapeutic Process ◽  
Scientific Discipline ◽  
Therapeutic Approaches ◽  
Training And Education ◽  
Rigorous Approach ◽  
The Family ◽  
Process And Outcome ◽  
Scientific Approach ◽  
Made In

In summary, it can be said that progress is being made in the field, but slowly. The ‘art’ is vigorous, vital and exciting. The ranks of family therapists are swelling and they are coming from backgrounds of different theoretical persuasions and with varying degrees of sophistication in their training and education. This mélange does lead to excitement and turbulence but often detracts from the necessary rigour that a scientific discipline must develop in order to reach maturity. Systems theory allows for easy conceptualization of one another's behaviour in the system, and permits a much clearer understanding of the therapeutic process based upon it, in contrast to therapeutic approaches based on other models. The authors found negotiation to be therapeutically effective when made explicit. In addition they place the focus on the ‘here and now’ and encourage the increased labeling by family members of interactions (affective and behavioural) and their effects (affective and behavioural), according to the Family Categories Schema previously referred to. Efforts are directed especially towards dealing with the current resistances to problem solutions. Epstein et al. have reported on an ongoing program of research which attempts to examine the process and outcome of family therapy (7,10,21,22,25,26). What is needed now is a more rigorous approach to research and the development of a necessary theoretical base in order that a more systematic and scientific approach can be developed for treating families.

Rooting Evaluation Guidelines in Relational Ethics: Lessons From Africa

2019 ◽  
Vol 41 (3) ◽  
pp. 404-419
Author(s):  
Caitlin Blaser Mapitsa ◽  
Tara Polzer Ngwato
Keyword(s):  
Culturally Responsive ◽  
Social Research ◽  
Relational Ethics ◽  
Developed Country ◽  
Evaluation Standards ◽  
The Public ◽  
Trade Offs ◽  
Context Specific ◽  
Ethical Clearance ◽  
Made In

As global discussions of evaluation standards become more contextually nuanced, culturally responsive conceptions of ethics have not been sufficiently discussed. In academic social research, ethical clearance processes have been designed to protect vulnerable people from harm related to participation in a research project. This article expands the ambit of ethical protection thinking and proposes a relational ethics approach for evaluation practitioners. This centers an analysis of power relations among and within all the different stakeholder groups in order to establish, in a context-specific manner, which stakeholders are vulnerable and in need of protection. The approach also contextualizes the nature of “the public good,” as part of an ethical consideration of interest trade-offs during evaluations. The discussion is informed by our experiences in African contexts and speaks to the “Made in Africa” research agenda but is also relevant to other global contexts where alternatives to “developed country” ontological assumptions about the roles of researchers and participations and the nature of vulnerability are being reconsidered.

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