We compare the impact of mandatory against voluntary ownership transfer on stock price informativeness using the unique research setting provided by the Split Share Structure Reform in China. Ownership transfers from state to private entity are expected to improve corporate governance, which in turn reduce managerial incentives to withhold value-relevant information to outside investor. However...

The arm’s length principle states that the transfer price between two associated enterprises should be the price that would be paid for similar goods in similar circumstances by unrelated parties dealing at arm’s length with each other. This paper examines the effect of the arm’s length principle on dynamic competition in imperfectly competitive markets. It is shown that the arm’s length princi...

We study a financial model with one risk-free and one risky asset subject to liquidity risk and price impact. In this market, an investor may transfer funds between the two assets at any discrete time. Each purchase or sale policy decision affects the price of the risky asset and incurs some fixed transaction cost. The objective is to maximize the expected utility from terminal liquidation valu...

This paper lays out a framework for the analysis of the risk transfer role of speculators on futures markets and the impact of their trading on the production decisions of firms. We show that when speculators diversify their portfolios over a large number of markets, the equilibrium risk premium converges to an asymptotic premium, the behaviour of which is determined by the stochastic dependenc...

Both parametric and nonparametric tests show that housing price volatility is lower in states that impose a real estate transfer tax on transaction values than those that impose no such tax in the United States. However, regression analyses show no difference in price volatility between the two tax regimes, after controlling for known economic and demographic factors, such as income, population...

! The IAEA is pleased to offer the proceedings of the conference to all participants at a special price of €65.00 plus shipping (50% discount on the list price of €130.00).  Payment on receipt of invoice  Bank transfer made to the account of the IAEA at a bank listed below  Please charge to Master/Visa card (our preferred method of payment) card number expiry date Postal code Country Signatu...

A marketplace is defined where the private data of suppliers (e.g., prosumers) are protected, so that neither their identity nor their level of stock is made known to end customers, while they can sell their products at a reduced price. A broker acts as an intermediary, which takes care of providing the items missing to meet the customers’ demand and allows end customers to take advantages of r...

CONTEXT In India, 14% of the population use smoked tobacco products. Increasing prices of these products is one of the measures to curb their consumption. AIMS This study analyzes "unit price" and "daily consumption" of cigarettes and bidis and investigates their relation with each other. SETTINGS AND DESIGN A cross-sectional survey was conducted in four states of India (Bihar, West Bengal,...