Estimating the commuting cost and commuting time property price gradients

In this paper, we estimate the property price gradients in Hong Kong. We distinguish our effort from previous studies on the subject by directly measuring the economic distance, i.e., the monetary commuting cost and commuting time, instead of merely the physical distance. Our results are generally supportive of the prediction of a negative property price gradient. In one specification, the estimated capitalization of the savings of commuting cost in property prices appears to be just right. The expected negative effect of commuting time on property values, however, can only be detected among observations with larger commuting times. Nevertheless, over the range where the effect of commuting time has the expected negative sign, the values of time implied by the estimates agree well with the results reported in the transportation economics literature.     

Lower bound of cost efficiency measure in DEA with incomplete price information

The conventional cost efficiency model assumes that all the input prices are fixed and known exactly at each decision making unit. In practice, however, exact knowledge of prices is difficult and prices may be subject to variations over very short periods of time. In this paper, we develop a new DEA model, which can be transformed into a special case of bi-level linear program, to calculate the lower bound of CE efficiency from the pessimistic viewpoints based on the shortcomings of the existing approaches. As the input (price) cone of the pessimistic CE model tightens, the objective function converges to the traditional Farrell cost efficiency measure. Numerical examples are used to demonstrate the proposed approach and compare the results with those obtained with the existing approaches.     

Fixed cost,marginal cost,and the decision to buy or make

The paper builds a formal model of the costs and benefits of producing intermediate goods internally as compared to buying partially produced inputs on the open market. The model centers on the link between the purchase of assets specific to a production process and the mean and variance of profits from the purchase. The central point of the paper is that even though purchases of assets specific to a production process can have an ambiguous impact on profits of the decision to make, the purchase of such assets has a tendency to reduce the variability of profits. This trade‐off is at the heart of decision to buy or make. Copyright © 2004 John Wiley & Sons, Ltd.     

Underpricing,partial price adjustments,and equity carve-outs

We examine the extent to which carve-out parent announcement and ex-date subsidiary initial market-adjusted returns reflect public information for 260 equity carve-outs and their parents for the period 1990–2012. We evaluate four hypotheses related to carve-outs and their parents: partial price adjustment, prospect theory, managerial discretionary, and leaning against the wind. To test these hypotheses we use four primary variables: the percentage of the subsidiary retained by the parent, filing range adjustments, the percentage of the offering used to retire subsidiary debt, and the CBOE Volatility Index (VIX) to predict initial returns. We show that 29 %–98 % of the variation i n market-adjusted equity carve-out returns can be predicted using public information known prior to the offer date. In addition, consistent with prospect theory, we show that the increase in share value for shares retained by parent companies (overhang) offsets the level of underpricing.     

The determinants of homebuilder stock price exposure to lumber: Production cost versus housing demand

We study the economic linkage between homebuilder stock market performance and commodity futures market information on a major component of building materials—lumber. The price of lumber plays a dual role in determining homebuilder profits: it represents a production input cost and serves as a future housing demand indicator. Using all US publicly listed homebuilder stocks, we show that the housing demand effect dominates the builder–lumber relationship. This effect is robust even after we control for the Federal Housing Finance Association (FHFA) housing price index (HPI). Our results further indicate that the slope of the lumber futures curve serves as a cross-market signal of future housing demand and thus of homebuilder stock market performance.     

房价与地价，谁拉动了谁？

持续上涨的房价成为社会关注的民生话题，也是政府宏观调控的重要切入点。有些人认为，房价居高不下，是由于实行招拍挂后地价太高，是地价高导致了房价高。只要降低地价，就可以把房价降下来。现实情况是不是这样，很值得商榷。     

House price appreciation, liquidity constraints, and second mortgages

This paper analyzes how households use second mortgages in response to shocks to housing wealth. Two related questions are examined: Do households use home equity in response to house price appreciation? Are liquidity constraints important for homeowners? A theoretical model shows that liquidity-constrained households respond more strongly to house price changes than unconstrained households. Using PSID, I find noteworthy differences in borrowing patterns of homeowners by the ratio of wealth to income. Low wealth-to-income homeowners exhibit a strong reaction to house price appreciation, whereas high wealth-to-income ones do not. The results indicate the importance of liquidity constraints among homeowners.     

Cost-based decision rules for output,quality, and price

The present paper develops a theoretical model to address the relationship between a firm's pricing policy and its cost of increasing product quality. The model expresses both firm costs and firm revenues as functions of the quantity of a firm's output and overall product quality, where quality is expressed as quantity times quality per unit. The model starts with a generic good that measures output, and models quality as priced quality enhancement for each unit of the generic good. The model leads to decision rules by which the price of quality is a mark-up over the marginal cost of increasing product quality. The relationship between the price of quality and revenues from increasing output is also determined, and is conditioned by the sign and magnitude of the elasticity of demand for quality.     

Developing cost management in customer–supplier relationships: three case studies

This study describes cost management development projects in three customer–supplier relationships and analyzes these projects from the perspective of relationships. Differences in suppliers’ objectives, actions taken, and results gained in the projects were found in the explorative study, although the customer's objective was the same in all cases. The use of cost information depended on the balance of power between firms, on the trust between personnel, and on the volume of the firms’ mutual business.     

Monopolistic third-degree price discrimination,welfare, and vertical market structure

Review of Economic Design - This paper reconsiders the effects of monopolistic third-degree price discrimination on welfare in a vertical market. The results indicate that monopolistic downstream...     

Conglomerate mergers,mutual forbearance behavior and price competition

This paper tests the hypothesis that conglomerate mergers lessen price competition through the creation of mutual forbearance behavior. This hypothesis is tested by estimating the impact of multi-market contacts on price competition in manufacturing industries. Potential interfirm contacts are computed for 195 of the top 200 American manufacturers in 1963. Measures of multi-market contacts are then constructed and introduced as additional explanatory variables in a three-equation model of the determinants of industry price-cost margins. The empirical results do not support the mutual forbearance hypothesis, and suggest that conglomerate mergers should not be proscribed on that basis.     

佛山降价大幕微启

从目前博弈双方的复杂性来看,价格成为破局的关键因素。开发商的促销手法收效甚微,显示买方心理价位十分坚挺。     

Target costing,co-ordination and strategic cost management

During the last years issues of strategic management accounting have received widespread attention in the accounting literature. Yet the conceptual foundation of most proposals is not clear. This paper presents a theoretical analysis of one of the most prominent approaches of strategic management accounting, i.e. target costing. We analyse three distinct characteristics of this strategic management accounting tool, namely its market orientation, its use as co-ordination instrument and its interaction with other factors affecting long-term cost structure in the form of strategic learning. The analysis shows that the more ‘strategic’ dimensions are added to the problem of cost management, the less valid are ‘strategic’ management accounting proposals in terms of the usual way target costing is employed.     

房价波动、信贷扩张与金融稳定

在美国次贷危机爆发、国内房地产价格居高不下的背景下,如何实现房地产业健康发展,经济持续增长及金融稳定,是政策当局面临的重大现实问题。本文围绕着房地产价格波动、信贷扩张和金融不稳定之间的互动机理的研究进展,梳理这一领域的前沿研究成果,并对理论发展脉络进行述评,最后提出了这一领域值得继续研究的若干问题。     

破解土地价格“剪刀差“难题——以重点城市的居住地价和工业地价为例

“剪刀差”概念源于20世纪20年代前苏联的超额税，是对不合理的工农业产品价格的概括，其实质是工农业产品的不等价交换。随着我国城市化和工业化的不断推进，地价“剪刀差”这一现象开始在我国土地市场领域中出现，而且这种差异呈现不断拉大的趋势。然而，学者们较多关注的是政府廉价征地和高价出让土地之间的地价“剪刀差”现象，对不同用途土地价格的‘剪刀差”现象研究得很少。因此，对近几年我国重点城市的居住地价和工业地价的“剪刀差”现象进行一些研究，分析不同用途土地价格‘剪刀差”存在的原因并提出解决方法，很有必要。     

住房价格指数以及区位对住房价格的影响——北京市住房价格实证分析

根据北京市的1308个新建住宅项目数据,建立了Hedonic模型,着重分析了时间、距离、环线以及行政区等变量对住房价格的影响,构建了北京市住房Hedonic价格指数和住房价格的梯度曲线.     

Health insurance trends in cost control and coverage.

An analysis of changes in company health plans between 1979 and 1984 shows that employers often sought to contain rising expenditures, in some cases, increasing the cost to workers; improvements in benefits, however, continued.     

人文资本特征、居民支付意愿与住宅价格

在构建人文资本与住宅意愿支付价格关系模型的基础上,运用2006年天津市有关数据,研究了人文资本特征对住宅价格的影响,并对人文资本特征溢价值进行了测算。对天津市的实证分析表明,人文资本密度指标中,只有居民素质、物业服务质量、小区周边体育场的距离对住宅总价有一定的影响,但并不显著。这说明人们对人文资本特征的偏好非常弱,天津市居民的住宅需求还处于基本需求阶段,尚未大规模进入改善需求阶段。以上结论对正确认识消费者偏好、公共投资效应、城市规划状况及住宅价格的合理性,具有重要的参考价值。