899 resultados para Asset Pricing
Resumo:
A dolgozat els rszben rviden ttekintjk a 2007-ben kezddtt pnzgyi vlsg lefolyst s a vlsghoz vezet okokat. A bemutats sorn igyeksznk vgig a mgttes folyamatokra s azok mozgatrugira koncentrlni, ezzel megragadva a vlsg egyfajta "elmlett". A bemutatsbl lthatv vlik a hitelderivatvk kiemelt szerepe a vlsg sorn. A dolgozat msodik rszben az egyik legnpszerbb hitelderivatv termk, a szintetikus fedezett adssgktelezettsgek (CDO-k) matematikai modellezst s annak problmit mutatjuk be. Sokak szerint ezek a matematikai modellek okoztk - vagy legalbbis felerstettk - a vlsgot. Az elemzs sorn megmutatjuk, hogy nemcsak a modellezsi eszkzk nem voltak megfelelk, hanem az razs elve sem llta meg a helyt a kockzatsemleges razsi keretben. Ez az eredmny lesen rmutat a mgttes elmletek vlsgra. / === / The first part of the paper examines briefly the financial crisis of 2007 and its causes, focusing on its driving processes and key motifs. This shows clearly the importance and centrality of credit derivatives in the crisis. The second part presents a mathematical modelling of one of the most popular credit derivative products: synthetic collateralized debt obligations, along with the drawbacks and problems of the modelling process. It is widely claimed that these products caused or at least precipitated the crises. The authors show not only that the modelling tools were inappropriate, but that the principle for pricing did not match adequately the risk-neutral valuation framework.
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A marketing-szakirodalom szerint az r az egyik legfontosabb marketingeszkz, s a vllalati versenykpessg rtelmezsben is meghatroz szerepe van. A megfelel rkpzs kialaktsa ugyanakkor sszetett folyamat, amely nmagban is kln kpessgnek tekinthet, s kell befektetst ignyel. A szerz az elemzs sorn gy arra volt kvncsi, hogy a vezet, azaz a versenykpes vllalatok razsi gyakorlata mutat-e eltrseket, s, ha igen, melyek azok a terletek, amelyek leginkbb sszefggnek az eredmnyessgkkel. A hromszz hazai vllalatra kiterjed kutats sorn azt tallta, hogy a vezet vllalatok valamelyest mskpp tekintenek az r szerepre s szignifiknsan magasabb rsznvonalon rtkestenek. Ez nagyobb mozgsteret enged szmukra, a versenytrsak rkihvsaira gy knnyebben tudnak rakcikkal vlaszolni. rkpzsi cljaikban azonban kevsb mutatkoznak klnbsgek, mert szmukra is kihvst jelent a vlsg, s nekik is tbb szempontnak kell egyszerre megfelelnik. Az rak meghatrozsnl azonban tbb tnyezt vesznek figyelembe s jobban tmaszkodnak a vevkrl szerzett informcikra. ______________ According to the marketing literature the price is one of the most important marketing tools and it plays a dominant role in the interpretation of corporate competitiveness, as well. The appropriate pricing, however, a complex process that can be regarded as a distinct capability and it requires sufficient investment itself. In this analysis the author enquired if the pricing practice of the leading, that is, the most competitive companies has a different profile, and if yes, which areas are associated with the success of them. Based on the survey of 300 domestic organisations he found that the leading companies consider the role of price in a slightly different way and they price their products or services significantly higherthan the others. This let them some space to manoeuvre and they can react with price promotions when the competitors challenge them with price activities. Regarding the pricing objectives the author couldnt identify differences. The leading companies are also affected by the economic crisis and they have to match many expectations at the same time but they take more factors into consideration when they set their prices and more likely use customer information.
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A cikk a tarts eszkzk gazdasgi rtkcskkensnek elmleti httert vizsglja az eszkzkben megtestesl szolglatok felemsztdse szempontjbl. Ezt a felemsztdst az eszkzk kimerlsn s elhasznldsn tl, a gazdasgi krnyezetben megjelen testet lt s testet nem lt technolgiai fejlds kvetkeztben fellp avuls is befolysolja, mely avuls hatst a cikk rszletesen trgyalja. A technolgiai fejlds kvetkeztben fellp avulsnak igen fontos szerepe van az eszkzkhz, s azok hasznlati mdjhoz legjobban illeszked rtkcskkensi minta kirajzolsban, amely alapjn meghatrozott rtkcskkens kzponti eleme a vllalkozsok jvedelmnek, valamint a vllalkozsi output egysgkltsgnek, ami az output razsnak fontos tnyezje. Ezltal az rtkcskkens meghatrozsnl figyelembe vett avuls hatssal van a vllalkozs termk s tkepiaci versenykpessgre. ___________ The paper examines the theoretical background of durable assets economic depreciation, from the embodied services consumption point of view. This consumption is affected by the exhaustion and deterioration beyond obsolescence which is due to embodied and disembodied technological progress that appears in the economic environment. The effect of obsolescence on the economic depreciation is examined in this paper in detail. The obsolescence due to technological progress has an important role in determining the best fit depreciation pattern to the durable asset and its usage. The economic depreciation is a central component of the companys income, as well as the unit cost of the companys output, which is an important element of the output pricing process. Thereby the obsolescence recognised by determining economic depreciation influences the companys competitiveness on the product and capital markets.
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Carbon pricing policy is a fundamental humanly devised theoretical and practical cornerstone in the fight against climate change. It involves short term and long term policies, theoretical and practical considerations. A quantitative global stabilisation target range for the stock of greenhouse gases in the atmosphere is needed, because it is an important and useful foundation in the shaping of a comprehensive climate pricing policy. A global stabilisation target range is obviously a long term policy to control climate change and events ensuing excessive increase in temperature. Setting long term objectives in the fight against climate change are substantial in avoiding catastrophic consequences therefore short term policies, which aim advances in emission reductions, have to be consistent with the pre-defined long term stabilisation goals. Short term policy reaction means using price-driven instruments like taxes and tradable quotas. These instruments allow broad flexibility in the parameters of emission reduction, and provide opportunities and incentives wherewith the cost of mitigation and abatement can be kept down. Taxes and tradable quotas give the flexibility in how, where and when emission reduction can be accomplished thereby reaching agreements between states and companies may result an appropriate and environment-conscious emission scheme, that can fit into the long term objectives.
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A relopcik a dntsi rugalmassg megtestestiknt jelen vannak a vllalatvezetk mindennapjaiban, s cgtl fggen jelents rtket kpviselhetnek. rtkelsk a hagyomnyos diszkontlt pnzramls mdszerekkel csak korltozottan lehetsges, ezrt alternatvaknt felmerl a pnzgyi opcirazs mdszertana, amelynek hagyomnyos vltozatai az alaptermk alakulsrl geometriai Brown-mozgst feltteleznek. A cikk ezt a feltevst veszi grcs al a relopcikra trtn alkalmazs szempontjbl, s megmutatja, hogy habr nknyesnek tnhet, valjban nem pusztn egy matematikai szempontbl knyelmes megolds, hanem pnzgyileg is elfogadhat felttel. _______ Real options represent the fl exibility of decision-making, and are thus part of the everyday work of corporate executives, often having great value. Valuing them with the use of traditional Discounted Cash Flow models has limited relevance, therefore arises the alternative methodology of fi nancial option pricing, the traditional versions of which assume that the price of the underlying asset follows Geometric Brownian Motion. The paper examines this assumption from the aspect of real option valuation and shows that although it might seem arbitrary, it is not only a mathematically convenient choice, but also a fi nancially acceptable one.
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This research examines evolving issues in applied computer science and applies economic and business analyses as well. There are two main areas. The first is internetwork communications as embodied by the Internet. The goal of the research is to devise an efficient pricing, prioritization, and incentivization plan that could be realistically implemented on the existing infrastructure. Criteria include practical and economic efficiency, and proper incentives for both users and providers. Background information on the evolution and functional operation of the Internet is given, and relevant literature is surveyed and analyzed. Economic analysis is performed on the incentive implications of the current pricing structure and organization. The problems are identified, and minimally disruptive solutions are proposed for all levels of implementation to the lowest level protocol. Practical issues are considered and performance analyses are done. The second area of research is mass market software engineering, and how this differs from classical software engineering. Software life-cycle revenues are analyzed and software pricing and timing implications are derived. A profit maximizing methodology is developed to select or defer the development of software features for inclusion in a given release. An iterative model of the stages of the software development process is developed, taking into account new communications capabilities as well as profitability. ^
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Road pricing has emerged as an effective means of managing road traffic demand while simultaneously raising additional revenues to transportation agencies. Research on the factors that govern travel decisions has shown that user preferences may be a function of the demographic characteristics of the individuals and the perceived trip attributes. However, it is not clear what are the actual trip attributes considered in the travel decision- making process, how these attributes are perceived by travelers, and how the set of trip attributes change as a function of the time of the day or from day to day. In this study, operational Intelligent Transportation Systems (ITS) archives are mined and the aggregated preferences for a priced system are extracted at a fine time aggregation level for an extended number of days. The resulting information is related to corresponding time-varying trip attributes such as travel time, travel time reliability, charged toll, and other parameters. The time-varying user preferences and trip attributes are linked together by means of a binary choice model (Logit) with a linear utility function on trip attributes. The trip attributes weights in the utility function are then dynamically estimated for each time of day by means of an adaptive, limited-memory discrete Kalman filter (ALMF). The relationship between traveler choices and travel time is assessed using different rules to capture the logic that best represents the traveler perception and the effect of the real-time information on the observed preferences. The impact of travel time reliability on traveler choices is investigated considering its multiple definitions. It can be concluded based on the results that using the ALMF algorithm allows a robust estimation of time-varying weights in the utility function at fine time aggregation levels. The high correlations among the trip attributes severely constrain the simultaneous estimation of their weights in the utility function. Despite the data limitations, it is found that, the ALMF algorithm can provide stable estimates of the choice parameters for some periods of the day. Finally, it is found that the daily variation of the user sensitivities for different periods of the day resembles a well-defined normal distribution.
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In the hotel business, catering sales managers often encounter potential clients who expect to negotiate for items such as room rental fees, audiovisual charges, and bartending fees. This article addresses both the advantages and disadvantages of empowering sales managers with the authority to reduce or waive these charges. Thus, hoteliers are advised to extend a structured yield management mindset into the hotels function-space area.
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The authors apply economic theory to an analysis of industry pricing. Data from a cross-section of San Francisco hotels is used to estimate the implicit prices of common hotel amenities, and a procedure for using these prices to estimate consumer demands for the attributes is outlined. The authors then suggest implications for hotel decision makers. While the results presented here should not be generalized to other markets, the methodology is easily adapted to other geographic areas.
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Lodging asset management has emerged as one of the most important areas of strategic hotel management. Increasingly, lodging companies are soliciting the services of asset management firms or developing internal asset management competencies. This article synthesizes and discusses the essential components of dynamic lodging asset management. The article provides a detail background on asset management and its importance and explains the role of lodging asset managers and their working relationships with ownership and operators. The article also discusses the competencies and skills of asset managers.
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Wine reviews, such as those from Wine Spectator and other consumer publications, help drive wine sales. The researchers in this study utilized standardized wholesale line pricing from a major wholesale distributor in the Southwest to compare pricing to the ratings published by Wine Spectator and to determine whether there were any correlations among other key attributes of the wine. The study produced interesting results, including that the wholesale price and vintage of a wine are significant in the prediction of the wines rating.
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The purpose of this paper is to compare prices for a popular quick-service restaurant chain (i.e. McDonalds) across countries throughout the world using the Big Mac Index published by The Economist. The index was originally developed to measure the valuation of international currencies against the U.S. dollar. The analysis in this study examines the relationship between the price of a Big Mac and other variables such as the cost of beef, price elasticity, and income. Finally, these relationships are reviewed to draw inferences concerning the use of demand, costs, and competition in setting prices.
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In the discussion - Indirect Cost Factors in Menu Pricing by David V. Pavesic, Associate Professor, Hotel, Restaurant and Travel Administration at Georgia State University, Associate Professor Pavesic initially states: Rational pricing methodologies have traditionally employed quantitative factors to mark up food and beverage or food and labor because these costs can be isolated and allocated to specific menu items. There are, however, a number of indirect costs that can influence the price charged because they provide added value to the customer or are affected by supply/demand factors. The author discusses these costs and factors that must be taken into account in pricing decisions. Professor Pavesic offers as a given that menu pricing should cover costs, return a profit, reflect a value for the customer, and in the long run, attract customers and market the establishment. Prices that are too high will drive customers away, and prices that are too low will sacrifice profit, Professor Pavesic puts it succinctly. To dovetail with this premise the author provides that although food costs measure markedly into menu pricing, other factors such as equipment utilization, popularity/demand, and marketing are but a few of the parenthetic factors also to be considered. there is no single method that can be used to mark up every item on any given restaurant menu. One must employ a combination of methodologies and theories, says Professor Pavesic. Therefore, when properly carried out, prices will reflect food cost percentages, individual and/or weighted contribution margins, price points, and desired check averages, as well as factors driven by intuition, competition, and demand. Additionally, Professor Pavesic wants you to know that value, as opposed to maximizing revenue, should be a primary motivating factor when designing menu pricing. This philosophy does come with certain caveats, and he explains them to you. Generically speaking, Professor Pavesic says, The market ultimately determines the price one can charge. But, in fine-tuning that decree he further offers, Lower prices do not automatically translate into value and bargain in the minds of the customers. Having the lowest prices in your market may not bring customers or profit. Too often operators engage in price wars through discount promotions and find that profits fall and their image in the marketplace is lowered, Professor Pavesic warns. In reference to intangibles that influence menu pricing, service is at the top of the list. Ambience, location, amenities, product [i.e. food] presentation, and price elasticity are discussed as well. Be aware of price-value perception; Professor Pavesic explains this concept to you. Professor Pavesic closes with a brief overview of a la carte pricing; its pros and cons.
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Travel websites that enable hotel room reservations have created unprecedented business opportunities. However, they have also overloaded hotel customers with information. This situation is particularly true of China, an emerging country with the largest population in the world and the most promising growth prospect in tourism. This study investigated the room-rate pricing practice of five online distribution channels, measured by the lowest available rates. These online channels priced hotels of different categories in Shanghai, Chinas largest city. Empirical findings indicated that local websites offered lower room rates than international websites for the selected hotels in different categories. Specifically, Chinatravel consistently offered the lowest room rates for the selected hotels.
Resumo:
Partially comparative pricing involves a featured store providing price comparisons in reference to a competitor for some products (comparatively priced products) while omitting such comparisons and providing only its price for other products (non-comparatively priced products). Barone, Manning and Miniard (2004) found that while partially comparative pricing enhanced consumers' price perceptions of comparatively priced products at the featured retailer, it had the opposite effect for non-comparatively priced products (i.e., an inferiority effect). To the contrary, it is argued that a price comparison for one brand in a product category may enhance consumers' price perceptions of the remaining, non-comparatively priced brands within the same product category (i.e., a superiority effect). This research seeks to (a) examine the robustness of partially comparative pricing's effect in an across-product category context compared to a within-product category context and (b) extend the understanding of partially comparative pricing's within-product category effect on non-comparatively priced brands by examining potential moderators of this effect: brand diversity, brand typicality, and the relative expensiveness of the brand receiving the price comparison. The findings of four studies provide evidence to support the presence of a superiority effect in a within-product category context and suggests that the adverse effect of partially comparative pricing in an across-product category context may not be as robust as previously thought. Although the superiority effect was unaffected by brand diversity (i.e., whether the brands emanated from different manufacturers or from a single manufacturer), it was found to be moderated by the typicality of the brand receiving the price comparison as well as the comparison brand's relative expensiveness. Research participants formed more favorable relative price beliefs about the non-comparatively priced brand when the comparatively priced brand was perceived as a more typical member of the product category. Similarly, participants formed more favorable beliefs about the non-comparatively priced brand when the comparison price was assigned to the most expensive brand in the product category rather than the least expensive brand.
