Actual Transactions Research Articles

The Heightened ‘Security Zone’ Function of Gated Communities during the COVID-19 Pandemic and the Changing Housing Market Dynamic: Evidence from Beijing, China

The ongoing COVID-19 pandemic has left a strong imprint on many aspects of urban life. Gated communities (GCs) in China are less commonly perceived as a negative and segregated urban form of community compared to other contexts, owing to their wide variety and relative openness. Yet, the enhanced security zone function and the popularity of GCs, along with the heightened segregation and exclusion effects, mean they are most likely to emerge in post-pandemic urban China because of the perceived effectiveness of GCs in preventing health risks by excluding outsiders during the pandemic. Drawing on empirical data from Beijing, this research presents strong evidence for a strengthened perceived ‘security zone’ effect of GCs during the pandemic. Given that rigid pandemic control measures were organized at the community level, a large-scale household survey in Beijing suggests that residents commonly recognise the effectiveness of GCs in security control and show a strong preference for GCs over open communities after the pandemic, even though there is a lack of direct evidence of reduced COVID-19 risk in GCs. The heightened perceived ‘security zone’ function of GCs has shown a significant impact on the housing market, evidenced by an increase of 2% in the housing prices for GCs, compared with those of open communities. The rising popularity of GCs is also evidenced by a significant increase in property viewings by potential homebuyers and smaller price discounts in actual transactions in gated communities vis-à-vis open communities. We argue that the rising risk-averse sentiment in the post-pandemic era has given rise to the popularity of GCs. This study provides timely and fresh insights into the changing meaning of GCs in post-pandemic China.

The Effect of Expected Losses on the Hong Kong Property Market

Expected losses anchored to purchase prices can affect actual transactions in different property sectors. Utilizing the data of over a million commercial and residential property transactions in Hong Kong from 1991 to 2015, we find that sellers facing nominal losses relative to their prior purchase prices attained higher selling prices than their counterparts. We suggest two market factors to account for the extent of the loss effect on the market transaction prices. First, the loss effect is only prominent when comparable transaction information is not readily accessible, such as in the less-transacted commercial property market. Second, our results suggest the relevance of the loss effect to the boom-bust property cycle in both the residential and commercial markets. The effect of expected losses on transaction prices is relatively weak in the bust period between 1998 and 2003 when the Hong Kong property market lost almost two-thirds of its value, and it enlarges with the market recovering. The loss effect is not attenuated at the aggregate market level but is associated with strong reductions in price declines in the bust period and in the commercial market. These results have implications for understanding the market adjustment of the loss effect in the property market and its association with the aggregate market dynamics in a boom-bust property cycle.

Investigating Blockchain Technology Effects on Online Platforms Transactions: Do Risk Aversion and Technophilia Matter?

Despite its immense potential for industries and services as a promising solution for trust and transparency problems, Blockchain related studies in the field of Marketing are rare. This research mobilizes the technology acceptance Model (TAM) theory to investigate the added value of blockchain technology to online platforms while taking into consideration consumers characteristics. Data from 212 users of online platforms endowed with blockchain technology were collected. Findings demonstrate that blockchain features in terms of security and privacy enhance the perceived usefulness and the perceived ease of use of the online platform, leading to stronger trust and more actual transactions. In addition, results demonstrate that risk aversion weakens only the relationship between usefulness and trust. It has indeed no significant effect on the impact of ease of use on trust. Results also show that technophilia fosters the relationship between intents and actual transactions. The research provides heuristic implications for academia and industry.

서울지역 아파트의 경매낙찰가율에 영향을 미치는 요인에 관한 연구 - 시점수정 낙찰가율과 법원경매 낙찰가율에 미치는 영향요인에 대한 비교연구 -

Existing studies on the real estate auction market commonly use the auction successful bid price of court auction. However, there is a limitation on using the auction successful bid price rate as an indicator for real estate market participant's decision-making due to the time difference between the timing of appraisal and the date of pricing the auction bid. From this perspective, this study identified the factors affecting the auction successful bid price rate in the Seoul apartment auction market through comparative verification regarding the factors affecting both the time-adjusted auction successful bid price rate and that of the court auction. The results of the analysis are as follows. First, it was found that the rate of change in the actual transaction price index had a negative (-) effect on the corrected auction winning price rate, however, a significant positive (+) effect on the auction winning price rate of the court auction information. Second, it was found that trading volume, change rate of land price, and elapsed years, had a positive(+) effect on the auction winning price rate.

부동산 유형에 따른 중개사무소 입지분석 연구 - 부동산 실거래가격을 중심으로 -

This study aims to promote real estate brokerage business in accordance with the government's first basic plan for real estate service industry promotion. And it was implemented as part of an effort to lay the academic foundation for the promotion of the real estate service industry in Korea. In this study, a research model was prepared by using statistics by towns and villages using previous studies, real estate real estate transaction price information in 2019, and address information of brokerage offices nationwide in December 2019. And sets up three hypotheses, and hedonic model was prepared and implemented for each eup, myeon and dong agency office. As a result of the verification, the first hypothesis that the number of brokerage offices will be affected by the real estate transaction volume was adopted. And the second hypothesis was also adopted that the number of brokerage offices would be affected differently depending on the type of real estate traded. However, the third hypothesis that the influence of real estate transaction volume on brokerage offices will vary depending on region was partially adopted. In addition, the results were derived by synthesizing and analyzing the contents of the analysis in the hypothesis verification process and the actual transaction price statistics for each town, town, and village. In order to foster the real estate brokerage business in Korea, the government's policy direction was suggested to induce brokerage offices distributed in the single-family housing market or the multi-family housing market with a potential fee of only 10 million won to a large land market with a potential fee of 90 million won.

노량진뉴타운 재개발사업 주택매매가격 결정요인 분석

This study aims to identify the factors that determine the housing price for each stage of the time phased redevelopment project difference for apartment houses in the same area, targeting the redevelopment project area, Noryangjin New Town District 1, in Seoul. From January 2006 to December 2020, the actual transaction price of transactional housing was extracted and statistically significant variables were set, and an empirical analysis was performed using the hedonic pricing model. As a result of the analysis, it was found that the road interface had a positive (+) effect on the home sales price, and a lot area, years passed and period of contract had a negative (-) effect. The fact that the land area has a negative (-) effect on the housing price is related to the provisions of the provision of housing pre-sale to members. In the case, period of contract and years passed, it is judged to have a negative (-) effect due to a decrease in real estate prices and a recent increase in home sales prices as the project progress is delayed. In addition, the magnitude of the relative influence on the home sale price was in the order, period of contract (-0.684), a lot area (-0.463), road junction (0.192), and years passed(-0.094).

"Systematic Risk-Excess Rate of Return using Jeonse Transaction Price Index in Apartment - Focused on Jeonse Transaction Price Index and Jeonse Actual Transaction Price Index -"

In Korea, although APT Jeonse was widely used in the residential and non-residential sectors based on APT Jeonse prices, social consensus on the exponential trend of the APT price index is needed. therefore in this study, APT Jeonse price Index and the APT Jeonse actual transaction price index of THE KOREA REAL ESTATE BOARD were applied to CAPM for checking the market efficiency, systematic risk-excess rate of return relationship, and characteristic of APT Jeonse price index. As a result, First, both the APT Jeonse price index and the APT Jeonse actual transaction price index represented market efficiency but denied the applicability of CAPM, Second, return, excess rate of return, and systematic risk-excess rate of return of the APT Jeonse actual transaction price index were higher than that of the APT Jeonse price Index, Third, return, excess rate of return, and systematic risk-excess rate of return were different by the region, and Fourth, return, excess rate of return, and systematic risk-excess ate of return were separated by the region.

The effectiveness of price-stabilizing share buybacks: Evidence from listed firms in Vietnam

The majority of share buybacks in Vietnam involve the sole stated purpose of price stabilization. Using a sample of repurchases announced in 2008–2016 and control firms based on propensity score matching, we find the Vietnamese repurchases to be effective in stabilizing prices and enhancing liquidity. Utilizing the special disclosure features in Vietnam that allow clearly-defined sub-windows of pre-trading, trading, and post-trading, we further examine the different mechanisms of market reactions and actual firm buyback transactions in the buyback process. We document significantly higher abnormal returns over the pre-trading window driven by market reactions, and improved liquidity and reduced volatility over the firm’s actual transaction window for the buyback firms. We also report a significant moderating effect of target shares announced and actual shares repurchased depending on the sub-window under examination. We do not find any evidence of effectiveness in the post-trading window or over a longer-term beyond the buyback period.

Research on the Right Identification and Right Description Standard of Service Data Based On ODRL

This article mainly solves the problem of standardization of ownership and rights description of the main stakeholders in the field of data circulation in the field of data governance: combining the status quo of data protection and ownership identification, starting with the logical relationship between data and information, deconstructs the service data for subject ownership identification; combs the relevant laws and regulations of data protection, and defines the rights of each subject. In order to realize the structure and machine-readable of the right language, we should refer to the ODRL information model of W3C to build the right description standard of service data, describe the application of the standard in the actual transaction scenario, and build the hierarchical right transfer model in the process of data transaction.

Challenges and Opportunities in the Application of China’s Central Bank Digital Currency to the Payment and Settle Account System

<p>With the advancement of the Internet and big data technology, currency has gradually developed in the direction of virtualization and digitization. The governments and central banks of various countries have gradually begun to pay attention to the role of digital currencies, and central bank digital currencies have emerged as the times require. As one of the first countries to study digital currency, China will devote itself to applying central bank digital currency to actual transactions in the future.</p><div>This article focuses on how China’s CBDC is used in the transaction settlement system. The opportunity is that the central bank’s digital currency technology improves the security, flexible operation and diversified application scenarios of the overall transaction settlement system, and further safeguards China’s national financial sovereignty. The challenge is that the current technology is still uncertain and different from the traditional RMB. In the future, China’s CBDC will also compete fiercely with other sovereign currencies. It is recommended to strengthen technological innovation, improve the relevant systems and regulations of the central bank’s digital currency operation, and make relevant policies to prevent the United States from imposing political and economic sanctions on China. This article will provide</div><div>suggestions on the challenges that the People’s Bank of China may face in the future application of digital currency to the transaction settlement system.</div>

From private label to co-branded credit card: an assessment of the impact of a change in value proposition over customer value perception and company value capture

Purpose: The aim of this paper is to evaluate the success of a value proposition over time, considering two aspects: customer’s perceived value and value capture. Research Design: The survey was conducted in a Brazilian retail credit card issuer, originally of the “private label” type, that changed to a co-branded operation. Aside from the research on customer’s perceived value, a survey was performed on the actual transactions made by cardholders in order to measure value captures, before and after the credit card offering change. Findings: The results confirmed that changes in value proposition, from private label to co-branded credit card, have a positive impact in customers’ perceived value and in company’s value capture. One year after the credit card service changed, there was an increase on both perceived value, considering all the variables involved, such as quality, price and benefit; and value capture, measured by the amounts spent by customers, number of transactions completed and credit limit usage. Research limitations/implications: There might be a selection bias since we sent the questionnaire via email, reaching only those respondents who had access to and opened the email. These respondents may be (and probably are) different from other users (e.g., older, less educated, etc. credit card holders). Therefore, for future research we suggest a new study with a more democratic instrument. It is also noteworthy that this study was not concerned with an understanding of all the process of value capture, other factors than the considered here can influence the company’s value capture. Practical implications: No matter how good the company’s understanding of its customer basis is, it can never be sure beforehand of the impact of such actions on customer perceptions, i.e. whether the new value proposition will be perceived as attractive enough to allow for actual value capture. Originality: The originality of this study lies in how it evaluates a change in value proposition through the impact on customers’ perceived value and value capture. Previous works have measured usage patterns and perceptions, but all of them are focused on actual patterns and perceptions among existing credit cardholders

Fuzzy hierarchy analytic method of enterprise supply chain financial risk

Supply chain finance refers to one or more companies upstream and downstream of the industrial supply chain. According to the core company of each node, based on actual transactions, use customized and standardized financing transaction methods to control capital flows or control assets. The right to provide comprehensive financial products and services between supply chain nodes. This article only needs to introduce the financial risk analysis of the enterprise supply chain based on the fuzzy analytic hierarchy process. This paper proposes a fuzzy analytic hierarchy process, which uses a combination of qualitative and quantitative risk assessment methods to assess financial risks, and designs a financial risk assessment system by constructing a fuzzy judgment matrix. It also proposes a comprehensive judgment of the financial risk assessment method. The impact of various risk factors on financial services provides a basis for risk prevention. The experimental results of this paper show that the fuzzy analytic hierarchy process evaluation method is relatively objective and can effectively evaluate the financial risks of the enterprise supply chain. From the weight analysis, it can be concluded that the technical risk weight value is 0.47, which accounts for the largest proportion and is the most important risk.

Tranching of debt as legal construction

This paper addresses a core feature of the debt capital markets in general and securitisation transactions in particular; the creation of debt claims with different ranking and priority (also referred to as “tranching”). The primary purpose of the study is to develop an understanding of the contractual ranking of debt as an enforceable legal construction. It is suggested that a more coherent understanding of tranching could foster (i) greater compatibility of insolvency law with financial regulation; (ii) a reduction in unnecessary transaction costs through further standardisation; and (iii) a more level playing field between jurisdictions and different forms of debt finance. I discuss tranching of debt in securitisations as one of many junctures between EU financial market regulation and the realm of local private law. At the same time, tranching highlights the elusive distinction between contracts that are valid and binding inter partes, and those that purport to affect third parties. These are vast topics, and even more daunting when taken together. The focus on securitisation and tranching therefore offers an opportunity to study fractions of these issues by virtue of the limited context. The paper is organised as follows. After an introduction of the subject matter and theoretical foundations, it investigates the element of tranching by first looking at the term as it emerges in the Securitisation Regulation ((EU) 2017/2402). It then looks at how the ranking of a tranche of debt securities plays into the rules on capital adequacy in a securitisation context. The notions of tranching found in financial regulation do not however include the substantive rules that apply to the creation of an enforceable priority ladder between investors. That task is still left to domestic insolvency, contract, and property law. Moving therefore beyond the definitions and usages of tranching in EU regulatory sources, the paper analyses how tranches of debt with different priority are created in actual transactions. Based on public transaction documents and domestic legal sources from three EU jurisdictions (France, Germany and the Netherlands) and the UK, it analyses the building blocks used to create enforceable contracts on the ranking of debt. This is followed by concluding remarks, including a suggested common approach for evaluating enforceability of an agreed payment waterfall across jurisdictions. By disentangling the elements of public STS transactions that are used to ensure enforceability of an agreed payment order, this study provides a starting point for finding paths in domestic law that allows legal certainty in relation to the ranking of notes.

How Effective is the Online Real Estate Transaction Platform? Evidence from China

Online businesses have been surging worldwide during the past decade, especially during the recent COVID-19 epidemic. However, the market share of online real estate transactions is still limited, mainly due to the information-asymmetry problem. In this study, we manually collect data on online judicial housing auctions in China, which is currently the largest online real estate market globally, and investigate how online information disclosure helps facilitate online real estate transactions. The empirical results suggest a higher quality of online information disclosure can significantly help attract potential buyers. In particular, providing more comprehensive information such as professional appraisal reports or videos can help convert buyers’ initial interests to actual transaction participation, leading to higher success probabilities and transaction prices. Such an information effect is particularly strong when combined with offline services, or in a more mature online market, or for lower-value properties. We also provide a preliminary analysis of factors affecting online-information-disclosure quality. The findings provide evidence on the feasibility of online real estate transactions and deliver suggestions for the future development of the emerging online real estate market.

Empirical Research on pairs trading -- Based on ICBC and Agricultural Bank of China

Based on the theory of paired trading, this paper deals with the actual transaction data of A-shares of Industrial and Commercial Bank of China and Agricultural Bank of China through empirical methods to verify the possibility of paired trading. The main conclusions of this paper are as follows: Although the time series data of ABC and ICBC contain unit root after DF test, the Engle-Grange test proves that the sequence regression of the two is co-integrated, and the relative price relationship with statistical significance can still be generated, and finally the pair trading can be realized.

Legal Problematics Differences in Land & Building Transactions with Validation of Cost of Obtaining Rights to Land & Building (Perda No. 2 of 2011 In Kendari City)

Tax is one of the largest revenues from the State of Indonesia, in this case one of the results of tax collection is the tax on the acquisition of rights to structures and buildings (BPHTB). the existence of regional autonomy, collection of fees for the acquisition of land rights andthis building is collected by each region independently. The issuance of Act No. 28 of 2009 concerning local taxes and levies made Kendari city regions issue regulations related to local taxes. It is Kendari city regional regulation No. 02 of 2011 regarding local taxes. The amount of collection of fees for acquisition of land and building rights is 5% (five percent) of the value of the acquisition of tax objects (NPOP), this is stated in Article 54. Meanwhile, the collection of fees for the acquisition of rights to land and buildings is carried out by the regional revenue agency. This study aims to determine the determination of the transaction value as the basis for BPHTB validation by the Bapenda of Kendari and to find out legal problems that can arise due to differences in actual transaction prices with BPHTB verification by the Bapenda of Kendari. The method taken by the author is a normative method. The normative approach is an approach that is carried out based on the main legal material by examining theories, concepts, legal principles and laws and regulations.

PRELIMINARY STATE AUDIT OF THE ACCOUNTING CHAMBER AS A TOOL FOR PREVENTION OF ECONOMIC CRIMINALITY IN THE GENERAL GOVERNMENT SECTOR

Reforming the general government sector in Ukraine requires a focus on preventive measures for combating economic crimes in the field of public funds and other property. In this context, the effective state audit, carried out by the Accounting Chamber of Ukraine as the highest audit body in the country, is an effective tool to prevent crimes. Elaboration of the current regulatory framework and international documents on the preliminary state audit allowed justifying the separation of such subtypes as: preliminary audit of the draft main financial and planning document of the country - the State Budget; preliminary audit of actual transactions in public funds and other state-owned property. To build the theoretical basis of the mechanism of preliminary state audit, such terminological components with their subsequent interpretations as: budget debt, budget financial debt, future illegitimate debt, actual illegitimate debt are formed. In order to optimize the work on the preliminary audit of actual transactions, the following areas are proposed to identify: preliminary audit of the public funds use within the execution of the State budget (expenditures of the State budget); preliminary audit of the public funds use within the framework of budget estimates and plans for the use of budget funds (expenditures of funds managers and recipients of budget funds); preliminary audit of other state-owned and the procedure for conducting such audit. Keywords: preliminary state audit, Accounting Chamber, economic crimes, public funds, budget.

Credit Card Fraud Detection Framework - A Machine Learning Perspective

The short improvement withinside the E-Commerce enterprise has caused a dramatic enlargement withinside the usage of credit score playing cards for on-line buys and thusly they had been flooded with the fraud diagnosed with it. As of late, for banks has gotten extraordinarily tough for figuring out the fraud with inside the credit card framework. Machine getting to know assumes an essential component in distinguishing credit card fraud withinside the transactions. For foreseeing those transactions banks make use of specific system getting to know methodologies, beyond data has been accrued and new highlights are being applied for enhancing the prescient force. The exhibition of possible threats identification in credit card instances is highly prompted through the analysing technique at the informational collection, the dedication of factors, and discovery strategies applied. This paper explores the presentation of K-Nearest Neighbor, Decision Trees, Support Vector Machine (SVM), Logistic Regression, Random Forest, and XGBoost for credit card fraud detection. Dataset of credit card transactions is accrued from Kaggle and it includes a sum of 2,84,808 credit card transactions of an EU financial institution dataset. It depicts doubtful transactions as fraud & labels it "high-quality class" and actual ones as the "poor class". The dataset is relatively imbalanced, it has approximately 0.172% of fraud cases and the relaxations are actual transactions. These methods are implemented for the dataset and work is carried out in Python. The presentation of the methods is classed relying on the accuracy and F1 rating and confusion matrix. Results display that every set of rules may be used for credit card fraud detection with excessive precision. The proposed version may be helpful for the invention of numerous anomalies.

Comparative Analysis of Transaction Prices and the Values of Forest Properties in Poland

Research Highlights: In the paper, we explore systematic discrepancy between sale prices and values of forest properties in Poland. We argue that the systematic valuation bias found is partially caused by the simplified parametric appraisal methodology currently used in Poland. Background and Objectives: Most of the forests in Poland are state-owned, but in recent decades, the market for private forest properties has been dynamically growing. In the paper, we investigate the relations between the actual transaction prices, and the estimated value of forest properties in selected regions in Poland. We hypothesize that sale prices systematically deviate from valuations. An additional question arises regarding the determinants of forest property prices. We hypothesize that due to asymmetric information positive amenities are not fully capitalized in property prices in Poland. Materials and Methods: In the paper, we adopt two regression models used to investigate the valuation accuracy and bias. We test the hypothesis that valuations are unbiased estimates of transaction prices. Results: The results indicate that market prices for forest properties systematically differ from estimated values. Conclusions: Systematic deviation of forest property sales prices from market values may contribute to the imperfect information available to the market participants, especially when information is asymmetrically distributed between buyers and sellers. This may confirm the hypothesis that sellers are not fully aware of the advantages of the property being sold, and provide further explanations for large systematic differences between sales prices and valuations based on parametric valuation methods used in Poland.

The Impact of Real Estate Regulation on Housing Prices: Focus on the Actual Transaction Price of Apartments at Suwon

The Impact of Real Estate Regulation on Housing Prices: Focus on the Actual Transaction Price of Apartments at Suwon