Price Differences Research Articles

Studi Komparatif: Harga Saham LQ45 Sebelum Dan Selama Masa Pandemi Covid-19

Research Aim: This study re-evaluates the impact of the COVID-19 pandemic on LQ45 stock prices Methods: Data from 2018-2021 are analyzed, with 2018-2019 representing pre-pandemic prices and 2020-2021 representing pandemic prices. Comparative analysis is conducted using average t-tests, with normality tests guiding the choice between paired sample t-tests and Wilcoxon signed-rank tests Findings: Data exhibited a non-normal distribution, revealing a significant 27% average decrease in LQ45 stock prices during the pandemic. This underscores the pandemic's substantial impact on stock prices, particularly within the LQ45 index Theoretical Contribution/Originality: This study corroborates earlier findings and provides empirical evidence of the significant difference in LQ45 stock prices before and during COVID-19, resolving previous inconsistencies Practitioner/Policy Implication: The COVID-19 pandemic negatively affects stock prices, signaling adversity to investors and prompting market reactions, leading to decreased stock values. The LQ45 index experienced a decline in share prices from 2020 to 2021, highlighting the pandemic's enduring impact on market dynamics Research Limitation: This study focuses solely on the COVID-19 impact on LQ45 stock prices using year-end closing prices. Future research could explore this influence further using monthly or quarterly stock data

Analyzing the influence of web search behavior on electricity market price: a case study of Japan electric power exchange

The Japan Electric Power Exchange (JEPX) has introduced a feed-in premium to promote the trading of renewable energy electricity in the market; thus, the exchange has become increasingly important for RE companies to maintain profitability in market trading. However, electricity prices are not only affected by directly measurable factors such as electricity demand, fuel prices, and weather but also by corporate bidding strategies, social conditions, and other human behaviors, making it difficult to predict electricity prices. Given that electricity demand is related to human behavior, this study focuses on web search behavior and clarifies the relationship between keyword search volumes and electricity market prices in Japan. Correlation and vector autoregression analyses results show a moderately strong positive correlation between the logarithmic difference of the keyword search volume and that of the electricity price. In addition, we find that the logarithmic difference of the electricity price tends to increase when that of the keyword search volume on the previous day increases. These results suggest that search volumes of specific keywords can be effective explanatory variables for area price prediction models and can help identify signs of price spikes.

ANALISIS PERBEDAAN HARGA SAHAM SEKTOR PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDOSESIA SEBELUM LEGALITAS DAN SETELAH LEGALITAS UANG KRIPTO

Abstract, This study aims to empirically prove the difference of share prices in the banking sector listed on the Indonesian Stock Exchange before and after the legality of crypto money. The method used in this study is a quantitative method. The study took a sample of 41 companies over four years (two years before legality and two years after legality). The results of the research showed that there are differences in share prices before the legality and after the legality of crypto money in Indonesia in banking companies listed on the Indonesian Stock Exchange.

THE EFFECT OF OIL PALM FARMERS' PARTNERSHIP WITH PT. TUNGGAL YUNUS ESTATE ON FARM INCOME IN TAPUNG SUB-DISTRICT, KAMPAR DISTRICT

Partnerships in oil palm plantations aim to increase production through assistance provided by the company, so that farmers' income increases. PT Tunggal Yunus Estate is one of the companies engaged in oil palm plantations and processing in Tapung District, Kampar Regency. This study aims to: (1) determine the partnership pattern between partner farmers and PT Tunggal Yunus Estate; (2) compare farm income between partner farmers and non-partner farmers; (3) determine the factors that influence the decision of oil palm farmers to partner with PT Tunggal Yunus Estate. The number of samples used was 30 respondents consisting of 15 partner farmers and 15 non-partner farmers. Sampling on partner farmers using simple random sampling method, while sampling on non-partner farmers using purposive sampling method. The data analysis method used was descriptive analysis, independent sample t-test, and binary logistic regression analysis. The results showed that the partnership pattern uses the core plasma pattern, but not pure. The difference with plasma core partnerships in general is in land and farming costs. Oil palm farming income of partner farmers amounting to Rp 44,712,326.51/ha/year is higher than oil palm farming income of non-partner farmers amounting to Rp 29,036,170.93/ha/year. The difference in income is due to differences in production levels and FFB prices. Factors that positively influence the decision of oil palm farmers to partner with PT Tunggal Yunus Estate are land area and income, while age, education level, number of family dependents, and farming experience have no significant effect.

Can the Difference of the Transfer Trice of Industrial Land "Bidding, Auctions and Listings" Promote the Transformation and Upgrading of Regional Industries?

The purpose of this study is to explore the impact of the difference in the transfer price of industrial land on the regional industrial transformation and upgrading under the "bid and auction" system. Research methods: panel data fixed effect model. Research results: Improving the differentiation of industrial land transfer price is conducive to regional industrial transformation and upgrading, and this conclusion has passed a variety of robustness tests. Research conclusions: First, formulate and improve the promotion of industrial land transfer price differentiation strategy. The second is to establish and improve the enterprise entry and exit mechanism to improve the efficiency of industrial land resource allocation. The third is to further improve the secondary market trading system of industrial land, and actively explore the circulation mechanism of stock industrial land to ensure the reasonable flow and efficient use of industrial land resources.

MSP Effect on Price and Arrivals of Major Crops of Madhya Pradesh

"To study the effect of MSP on price and arrivals, Madhya Pradesh was purposively chosen with its major crops, paddy, wheat, soybean, bengal gram, and black gram. With the help of data collected from Agmarknet portal for period 2010-2020 study was carried out. The data was analysed by calculating Weighted averages, Percentages along with Linear trend analysis, Tabular analysis, Correlation analysis, and Seemingly Unrelated Regression. The study found that MSP for selected crops had growth rates ranging from 4.5 to 8.2 percent per annum. Share of arrivals sold below MSP ranged from 15 to 68 percent. MSP had positive relationship with price of commodities but had negative relationship with share of arrivals sold below MSP and price difference from MSP. Thus, MSP had negative effect on arrivals and price reported below MSP. So, procurement should be done by the government for the commodities where 50% of the arrivals are sold below MSP. Government should also provide the facilities (grading, processing, storage etc.) that will be helpful for the farmers to sell their commodities at MSP in the market."

Nonlinear dynamics of Kimchi premium

Kimchi premium, the persistent non-zero price difference exists between the US and Korean crypto-markets. Not only does the premium represent a violation of the law of one price but it may also reflect the bubble aspect of crypto-markets or crypto-market segmentation. Contrary to the literature relying on linear modelling, we employ threshold regression with multiple regimes to show the nonlinear dynamics of the premium and identify its determinants. We find that the premium is mean-reverting when it exceeds a certain level of thresholds but displays a random walk inside the range, which implies that only for relatively large-sized premiums, arbitrageurs exploit the premium. Kimchi premium has a non-zero long run steady-state level of 1.24% for Bitcoin aligned with the violation of the law of one price. We demonstrate that the non-zero premium exists due in part to market frictions given that the trading fee is positively correlated with the threshold.

Commercial Versus Medicaid Insurance and Use of High-Priced Anticancer Treatments.

Because the markups on cancer drugs vary by payor, providers' financial incentive to use high-price drugs is differential according to each patient's insurance type. We evaluated the association between patient insurer (commercial vs Medicaid) and the use of high-priced cancer treatments. We linked cancer registry, administrative claims, and demographic data for individuals diagnosed with cancer in North Carolina from 2004 to 2011, with either commercial or Medicaid insurance. We selected cancers with multiple FDA-approved, guideline-recommended chemotherapy options and large price differences between treatment options: advanced colorectal, lung, and head and neck cancer. The outcome was a receipt of a higher-priced option, and the exposure was insurer: commercial versus Medicaid. We estimated risk ratios (RRs) for the association between insurer and higher-priced treatment using log-binomial models with inverse probability of exposure weights. Of 812 patients, 209 (26%) had Medicaid. The unadjusted risk of receiving higher-priced treatment was 36% (215/603) for commercially insured and 27% (57/209) for Medicaid insured (RR: 1.31, 95% CI: 1.02-1.67). After adjustment for confounders the association was attenuated (RR: 1.15, 95% CI: 0.81-1.65). Exploratory subgroup analysis suggested that commercial insurance was associated with increased receipt of higher-priced treatment among patients treated by non-NCI-designated providers (RR: 1.53, 95% CI: 1.14-2.04). Individuals with Medicaid and commercial insurance received high-priced treatments in similar proportion, after accounting for differences in case mix. However, modification by provider characteristics suggests that insurance type may influence treatment selection for some patient groups. Further work is needed to determine the relationship between insurance status and newer, high-price drugs such as immune-oncology agents.

Does it matter how we ship the good apples out? On specific tariffs, transport modes, and agricultural export prices

AbstractFree‐on‐board (FOB) export prices for identical products from the same origin often differ across destinations, even when accounting for the trade costs and attributes of the destination country. One explanation for this observed price difference is per‐unit trade costs, and the ability of exporters to vary their markups and/or product quality. Using a novel dataset that details trade flows between countries by mode of transport, we estimate the transport mode‐specific effect of a per‐unit trade cost, specifically specific tariffs, on the FOB export prices of agricultural products. We find an elasticity of specific tariffs to export prices of 1.8%. However, the estimates are heterogeneous across modes of transport. The elasticity of specific tariffs to export prices is 2% for air transport, 5% for road transport, and .3% for sea cargo. Since the observed positive export price effect can reflect product quality differences or markups, we account for the quality element and find that for a given product quality, markups increase with increasing specific tariffs. This form of price discrimination is less pronounced for higher‐quality products that are predominantly shipped by air.

Monitoring Food Affordability: Reliability and Validity of an Online Nutritious Food Basket.

Purpose: This study aimed to assess the reliability and validity of an online approach to monitoring food affordability in Ontario using the updated Ontario Nutritious Food Basket (ONFB).Methods: The ONFB was priced online in 12 large multi-chain grocery stores to test intra-/inter-rater reliability using percent agreement and intra-class correlations (ICCs). Then, the ONFB was priced in-store and online in 28 stores to estimate food price differences using paired t-tests and Pearson's correlation for all (n =1708) and matched items (same product/brand and purchase unit) (n = 1134).Results: Intra-/inter-rater agreement was high (95.4%/81.6%; ICC = 0.972, F = 69.9, p < 0.001). On average, in-store prices were less than $0.02 lower than online prices. There were no significant differences between mean in-store and online prices for all items (t = 0.504 p = 0.614). The mean price was almost perfectly correlated between in-store and online (fully matched: R = 0.993 p < 0.001; all items: R = 0.967 p < 0.001). Online monthly ONFB estimates for a family of four were strongly correlated (R = 0.937 p < 0.001) with estimates calculated using in-store data.Conclusions: Online pricing is a reliable and valid approach to food costing in Ontario that contributes to modernizing the monitoring of food affordability in Canada and abroad.

Effect of earthquake sequences on risk-based catastrophe bond pricing.

Catastrophe bonds (cat bond in short) are an alternative risk-transfer instrument used to transfer peril-specific financial risk from governments, financial institutions, or (re)insurers, to the capital market. Current approaches for cat bond pricing are calibrated on seismic mainshocks, and thus do not account for potential effects induced by earthquake sequences. This simplifying assumption implies that damage arises from mainshocks only, while aftershocks yield no damage. Postearthquake field surveys reveal that this assumption is inaccurate. For example, in the 2011 Christchurch Earthquake sequence and 2016-2017 Central Italy Earthquake sequence, aftershocks were responsible for higher economic losses when compared to those caused by mainshocks. This article proposes a time-dependent aggregate loss model that takes into account seismicity clustering and damage accumulation effects in the computation of damage. The model is calibrated on the seismic events recorded during the recent 2016-2017 Central Italy Earthquake sequence. Furthermore, the effects of earthquake sequence on cat bond pricing is explored by implementing the proposed model on five Italian municipalities. The investigation showed that neglecting time-dependency may lead to higher difference (up to 45%) in the cat bond price when compared to standardapproaches.

Структурная нота в российском и зарубежном праве: проблемы и перспективы развития законодательства и теории

The securities market and modern settlements are unthinkable without transactions with derivative financial instruments and settlements based on the difference in prices for underlying assets. The effectiveness of legal regulation is determined by the adequacy of the legal instruments to developing market relations, the interests and needs of its participants. Both Russian and foreign legislation leave many pressing issues without detailed regulation. One of the controversial issues is the legal regime of a structured note in relation to the legislation on objects of civil rights and securities. The authors of the article focused on the analysis of the legal nature of the structured note in order to correctly qualify the legal relations arising in connection with its use in circulation.

Earthquake Bond Pricing Model Involving the Inconstant Event Intensity and Maximum Strength

Traditional insurance’s earthquake contingency costs are insufficient for earthquake funding due to extreme differences from actual losses. The earthquake bond (EB) links insurance to capital market bonds, enabling higher and more sustainable earthquake funding, but challenges persist in pricing EBs. This paper presents zero-coupon and coupon-paying EB pricing models involving the inconstant event intensity and maximum strength of extreme earthquakes under the risk-neutral pricing measure. Focusing on extreme earthquakes simplifies the modeling and data processing time compared to considering infinite earthquake frequency occurring over a continuous time interval. The intensity is accommodated using the inhomogeneous Poisson process, while the maximum strength is modeled using extreme value theory (EVT). Furthermore, we conducted model experiments and variable sensitivity analyses on EB prices using earthquake data from Indonesia’s National Disaster Management Authority from 2008 to 2021. The sensitivity analysis results show that choosing inconstant intensity rather than a constant one implies significant EB price differences, and the maximum strength distribution based on EVT matches the data distribution. The presented model and its experiments can guide EB issuers in setting EB prices. Then, the variable sensitivities to EB prices can be used by investors to choose EB according to their risk tolerance.

Commodity Market Efficiency: New Evidence From the Russia-Ukraine War

We re-evaluate the efficiency of selected commodity markets during the Russia-Ukraine crisis using the asymptotic normal variance ratio test. We find that there is a substantial difference in the commodity prices before and after the war’s commencement. We also show that the markets are weak-form inefficient before and after the invasion except for gasoline and oats which became efficient during the war. We highlight the investment implications of the findings.

A Cross-National Comparison of Biosimilars Pricing in Argentina, Australia, Brazil, and Italy.

Biosimilar medicines are defined as biological products highly similar to an already licensed biological product (RP). The market entry of biosimilars is expected to reduce the costs of biological treatments. This study aims to evaluate the range of differences between the prices of biosimilars and the corresponding RP for biologicals approved in four countries. This is a cross-national comparison of pricing of biosimilars in Argentina, Australia, Brazil, and Italy. The study examined online price databases provided by the national authorities of the investigated countries. Biosimilar price difference was calculated by subtracting the unit price of the biosimilar by the unit price of the RP, and then dividing it by the unit price of the RP. The results were presented as percentage. Brazil had the highest median price reduction (-36.3%) in biosimilars price, followed by Italy (- 20.0%) and Argentina (- 18.6%). All the biosimilars in Italy were priced below the RP presenting a minimum reduction of 6.3%, while in Australia, most of the prices of biosimilars were equal to the RP. In Argentina, one infliximab-biosimilar displayed price above the RP (40.7%) while the lower priced brand had a reduction of 14.4%. Brazil had four biosimilars with prices above the respective RP, including isophane insulin (1), insulin glargine (1) and somatropin (2). The study revealed a marked dispersion in the price's differences between biosimilars and RP across the studied countries. Governments should evaluate whether their policies have been successful in improving affordability of biological therapies.

Quantifying Treasury Cash-Futures Basis Trades

The Treasury cash-futures basis trade exploits the difference in prices between a Treasury security and a related Treasury futures contract – the so-called cash-futures basis – by purchasing the asset that is relatively undervalued and selling the other in a bet that the prices will converge. Basis traders support Treasury market functioning by keeping the prices of Treasury futures near their fair value relative to Treasury securities and by serving as an important source of demand for Treasury securities, including during the 2017-2019 period of quantitative tightening when basis traders absorbed much of the increased Treasury supply.

Prescription-based cost analysis of medicines for cardiovascular risk factors at Indian Council of Medical Research-Rational Use of Medicine Centre Hospitals of India.

India has taken several initiatives to provide health care to its population while keeping the related expenditure minimum. Since cardiovascular diseases are the most prevalent chronic conditions, in the present study, we aimed to analyze the difference in prices of medicines prescribed for three cardiovascular risk factors, based on (a) listed and not listed in the National List of Essential Medicines (NLEM) and (b) generic and branded drugs. Outpatient prescriptions for diabetes mellitus, hypertension, and dyslipidemia were retrospectively analyzed from 12 tertiary centers. The prices of medicines prescribed were compared based on presence or absence in NLEM India-2015 and prescribing by generic versus brand name. The price was standardized and presented as average price per medicine per year for a given medicine. The results are presented in Indian rupee (INR) and as median (range). Of the 4,736 prescriptions collected, 843 contained oral antidiabetic, antihypertensive, and/or hypolipidemic medicines. The price per medicine per year for NLEM oral antidiabetics was INR 2849 (2593-3104) and for non-NLEM was INR 5343 (2964-14364). It was INR 806 (243-2132) for generic and INR 3809 (1968-14364) for branded antidiabetics. Antihypertensives and hypolipidemics followed the trend. The price of branded non-NLEM medicines was 5-22 times higher compared to generic NLEM which, for a population of 1.37 billion, would translate to a potential saving of 346.8 billion INR for statins. The variability was significant for sulfonylureas, angiotensin receptor blockers, beta-blockers, diuretics, and statins (P < 0.0001). The study highlights an urgent need for intervention to actualize the maximum benefit of government policies and minimize the out-of-pocket expenditure on medicines.

Physician Perspectives on the Nonclinical Factors That Contribute to Decision-Making for Advanced Prostate Cancer Care: A Qualitative Study.

Promising new treatments exist for advanced prostate cancer. Decision-making is complicated: there is minimal comparative effectiveness data; differing routes of administration, drug mechanisms-of-action and side effects; and significant price differences. These challenges contribute to variations in care and quality, treatment disparities, and lack of concordance with patient values. The aim of this study was to examine physician perspectives of factors influencing decision-making for first-line advanced prostate cancer treatments. We conducted a qualitative descriptive study of physicians who treat patients with advanced prostate cancer from 09/2021-06/2022. Participants were purposively sampled from across the United States. Twenty-seven physicians participated. We identified seventeen domains and three overarching themes affecting physician decision-making for advanced prostate cancer care. The themes were: 1) physician and practice factors impact prescribing decisions, 2) health practice resource availability affects the likelihood patients will receive the recommended treatment, and that the treatment will be in-line with patients' values and 3) patient non-clinical factors influence physician decision-making, but patient values could be better incorporated into prescribing decisions. Based upon the analyses, we constructed a preliminary framework of clinician decision-making for advanced prostate cancer. Physicians perceive non-clinical patient, physician, and practice factors impact decision-making. These factors, therefore, must be considered when implementing programs to optimize a physician's ability to provide quality cancer care, reduce health care disparities and patient financial burden and provide patient goal-concordant care. The preliminary theoretical model of clinician decision-making for advanced prostate cancer care may also be used to inform these efforts.

Stock Transformation: Understanding the Impact of Stock Split on Company Performance in Indonesia Stock Exchange through Before and After Comparative Analysis

The study delves into the differences in stock price, trading volume activity, and security return variability of stock splits policy, which is a corporate action where companies increase the number of outstanding shares while reducing their nominal value. This quantitative study analyzed 66 companies listed on the Indonesia Stock Exchange that underwent a stock split between 2017-2022. This research employs the Wilcoxon Signed Rank Test through SPSS 28 to explore the transformation in stock prices, trading volume activity, and security return variability before and after stock splits. The study presents significant findings: (1) there are noticeable differences in stock prices before and after stock splits, (2) trading volume shows variations before and after the corporate event, and (3) there are notable disparities in security return variability before and after stock splits. This study provides valuable insights for investors, analysts, and corporate strategists by examining the complex dynamics of stock splits and their impact on stock prices, trading activity, and security returns

Hedonic analysis of willingness to pay for dam removal: evidence from Plymouth, Massachusetts

This study investigates how the removal of small dams, and subsequent river restoration investments, affect residential housing prices in Plymouth, Massachusetts, selected for its unusually high density of dam removals. From 2002 to 2019, 5 dams within 1.05 miles of each other have been removed. Following removal, riverine restoration was completed, leading to improved public safety for downstream infrastructure, fish passage, and better water quality. Yet, contention exists in local government decision-making from fear of loss of property values of homes that are no longer classified as “waterfront.” To examine that charge, we evaluate sale prices of 9,710 single-family homes from 1997 to 2021, in a comparative estimation of a hedonic regression and a difference in differences model. The results indicate that the price of homes sold in Plymouth after dam removal increased, with no impact on property values of waterfront and properties within 1 mile of riverine restoration locations. For properties within a 5-mile radius of a former dam, we observe comparative difference in price of a fraction of a percent for lots around 2 of the dams, in relation to all home lots in Plymouth. We explain that this difference is due to property-specific features, rather than the impact of dam removal. The implications are that dam removal would not negatively impact waterfront property values, while it may translate into an overall environmental price premium for the community at large.