999 resultados para Price instability


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In this paper, we test whether oil price uncertainty predicts credit default swap (CDS) returns for eight Asian countries. We use the Westerlund and Narayan, 2011 and Westerlund and Narayan, 2012 predictability test that accounts for any persistence in and endogeneity of the predictor variable. The estimator also accounts for any heteroskedasticity in the regression model. In-sample evidence reveals that oil price uncertainty predicts CDS returns for three Asian countries, whereas out-of-sample evidence suggests that oil price uncertainty predicts CDS returns for six countries.

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Background
This study investigates alcohol price and proposed substance use amongst Australian tertiary students.

Methods
Participants were recruited in 2009 via facebook, and were asked to complete a 34-item internetbased survey. 512 people took part, 485 fit the inclusion criteria.

Results
The sample consisted predominately of young (mean age 20.3 years), female (66%) university students. Higher alcohol prices resulted in increased consideration of illicit substances as an alternative indicating a substitution effect, although the majority (60%) of respondents would never consider using ecstasy.

Conclusion
Results indicate substantial room to increase the price of alcohol to achieve alcohol consumption reduction without likely substitution behavior.

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Price promotions (also called discount promotions), i.e. short-term temporary price reductions for selected items (Hermann 1989), are frequently used in sales promotions. The main objective of price promotions is to boost sales and increase profits. Quantitative evaluation of the effects of price promotions (QEEPP) is essential and important for sales managers to analyse historical price promotions and informative for devising more effective promotional strategies in the future. However, most previous studies only provide insights into the effects of discount promotions from some specific prospectives, and no approaches have been proposed for comprehensive evaluation of the effects of discount promotions. For example, Hinkle [1965] discovered that price promotions in the off-season are more favourable, and the effects of price promotions are stronger for new products. Peckham [1973] found that price promotions have no impact on long-term trend. Blattberg et al. [1978] identified that different segments respond to price promotions in different ways. Rockney [1991] discovered three basic types of effects: effects on discounted items, effects on substitutes and effects on complementary items.

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We investigate the time-varying informativeness of credit default swap (CDS) trading on stock returns for 302 US firms from July 2004 to August 2010. Using the Acharya and Johnson (2007) measure, we find that CDS trading becomes informative for an increasing number of firms as we approach the global financial crisis (GFC). Firm numbers gradually decline post-GFC, but remain high compared to the pre-GFC period. furthermore, CDS trading imposes the largest conditional price impact on firms that are recently downgraded, regardless of rating levels. Interestingly, this holds during and after the GFC, but not before. We offer two implications. First, despite post-GFC outcry against the CDS market, our results suggest it exhibits enhanced price discovery during the GFC. Second, our findings support criticism that, in the lead-up to the GFC, rating agencies are slow in downgrading firms. However, if downgrade decisions made during and after the GFC induce informed trading in the CDS market, this necessarily implies that during the midst of the GFC, rating agencies have got their act together.

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The chapter discusses the work of choreographer Russell Dumas from the point of view of a dancer in his work.

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Using a dynamic model of an open monetary economy, this paper examines the effects of tourism-related anticipated shocks on goods prices and foreign exchange reserves. Foreign tourists consume mainly non-traded goods in holiday destinations, converting them into exportable goods. This gives rise to a tourism terms-of-trade effect that affects the accumulation of foreign exchange. Announcements of anticipated events bring tourist visits forward, resulting in an initial underadjustment or an over-adjustment in the prices of the non-traded goods when the tourism termsof-trade effect is positive or negative. This leads to an increase or a decrease in foreign reserves in the long run.