Transaction Prices Research Articles

Research on cross regional green certificate bilateral distributed robust trading strategy based on Bayesian theory.

To ensure the effective implementation of the compulsory green certificate transaction in China, a multi-participant cross-regional green certificate bilateral transaction model considering the relevant technical characteristics of the unit is proposed to solve the problems such as the mismatch between the supply and demand of green certificates and the reduction of the transaction plan by the grid operation constraints in the current green certificate transaction. To mobilize the initiative of participants, the model adopts the bilateral transaction of free negotiation. To balance the interests of transaction participants, the paper analyzes the complex interaction of multi participants in cross-regional bilateral transactions by using cooperative game theory. Simultaneously, the model considers multiple uncertainties among participants and takes into account the correlation of photovoltaic power in multiple periods. Based on the distributed robust theory, the multivariate nonlinear model and mixed-effect model of Bayesian are proposed to construct the fuzzy sets of the probability distribution for wind and photovoltaic power. On this basis, the paper analyzes the strategic behaviors of multi participants affected by uncertainty factors in the cross-regional green certificate bilateral trade through a numerical example, and quantitatively analyzes the sensitivity of each participant's transaction plan affected by uncertainty factors. The results show that the degree of competition will affect the strategic behavior and income of the participants, and the full cooperation mode can not only avoid the risk of fluctuations in the transaction price and transaction power within the alliance but also stabilize the supply and demand of green certificate transactions.

The Impact of Unnatural Death Stigmatization on Neighboring Property Prices: Propensity Score Matching and Difference-In-Differences Analysis.

This study primarily investigated the impacts of unnatural in-house deaths on nearby property prices. Propensity score matching was used to assess the homogeneity of experimental and control groups, and the difference-in-differences (DID) method was used for their comparison. Data for real estate transactions in Taipei City from 2012 to 2022 were retrieved from the Ministry of the Interior's real estate actual transaction price registration query system. The DID interaction variable coefficient of 0.066 was significant at the 10% level. A comparison of the experimental and control groups showed a 6.8% property price difference following an unnatural in-house death. This suggests that an unnatural in-house death has a positive impact on property prices nearby. There were four unnatural deaths at the Xining Public Housing from 2003 to 2012 and four at the Jinxing Building from 1984 to 2012. The high incidence of events and the disclosure of information may have depreciated nearby property prices. The study results show that the stigmatization of unnatural in-house deaths reduces nearby property prices. The depreciation of implicit prices reverted and followed a U-shape pattern after several years.

A Financial Analysis and Valuation of Pfizer

Abstract: The rational valuation of the healthcare industry and the analysis and research of the financial risks faced by enterprises can not only provide a basis for rational investment and transaction pricing decisions, but also help enterprises to find out the shortcomings of the production and operation, so as to improve the management mode of the enterprise, and help enterprises to achieve the maximisation of management. Firstly, this paper analyse the risks faced by Pfizer from a financial point of view by quantitatively comparing the data of Pfizer and its two competitors, Amgen and Unitedhealth Group, and then qualitatively analysing their characteristics in terms of liquidity, solvency and profitability and the reasons for this. Next, Pfizer is valued by looking at its leverage, business risk, earnings per share, etc. to measure the financial risk of the business and the reasons for the capital structure. It then gives investors an objective investment recommendation by forecasting Pfizer's future share price. The study concludes that Pfizer Inc. is illiquid, has poor corporate solvency, is at risk of debt servicing, and has suffered a significant decline in profitability. Valuing Pfizer, the forecast suggests that Pfizer's stock is currently undervalued.

How Do “One-Time Bidding, Average Price Win” Land Auction Rules Affect Land Prices: A Quasinatural Experiment in Suzhou, China

The land price reflects the supply and demand relationship in the land market and plays an important role in regulating land use. Improving land auction rules is of great significance for avoiding abnormal fluctuations in the land market and promoting the sustainable use of land resources. To regulate the abnormal fluctuations in the state-owned land use rights’ auction prices, Chinese local governments have implemented a “sealed one-time bidding, average price wins” rule. However, limited theoretical and empirical research that assesses its policy impact exists. This study examines the policy motivations behind this rule, constructing three game models; namely, static complete information, static incomplete information, and multiperiod repeated games. By deducing bidding strategies and equilibrium results, hypotheses are formulated. A baseline difference-in-differences (DID) and a dynamic policy effect model are designed, and the Python crawler is used to obtain 1182 microland auction samples in Suzhou. This study evaluates the impact of the one-time bidding rule on the starting prices, transaction prices, and premium rates. The empirical results underwent multiple robustness tests, eliminating potential endogeneity issues and biases. The results show that while the policy is effective in restraining the premium rate, indicating the bidding intensity in single-land auctions, it proves challenging to curb the long-term rise in land prices through continuous bidding auctions. Moreover, the policy may stimulate local governments to increase auction starting prices.

The Positive and Negative Effects of Sustainability on Real Estate Transaction Prices

In last decades, there is a trend to renew buildings and make them more sustainable. Studies have shown that energy measures (as an aspect of sustainability) often increase the value of real estate. The effect of other sustainability measures on real estate values, however, is unknown. This study examines the relationship between multiple sustainability aspects and the transaction prices of different types of real estate. For this study, we used official data on commercial real estate transactions from the Land Registry Office in the Netherlands and sustainability assessment scores from a Dutch sustainability consultant. In total, 10,652 real estate transaction prices between 2012 and 2023 and corresponding sustainability scores were used to perform regressions and hedonic imputation analyses. The results show that, opposed to energy, other aspects of sustainability often correlate negatively with transaction prices in the lower segment of sustainable real estate. These aspects correlate positively in the upper segment of sustainable real estate.

Truthful multi-unit double auction with transaction costs and sellers’ changing marginal costs

It is well-known that lots of sellers offer discounts for large orders because of decreasing marginal costs and large productive capacities. Then some procurement platforms provide ways for small buyers to cooperate with their procurements and get discounts from these sellers. Moreover, these transactions will incur pair-related transaction costs. Generally, buyers values and sellers’ costs are private information. Then a critical problem faced by the platforms is to induce the buyers (sellers) to reveal their values (costs) truthfully and to match the supplies and demands efficiently. To solve this problem, we design a multi-unit double auction mechanism based on the padding method where the buyers bid their values and the sellers submit their marginal costs of different quantities, and the platform selects the winners, allocates the transactions, and sets the transaction prices for both sides. We show that the mechanism is budget-balanced, individually rational, incentive-compatible, and asymptotically efficient. For the special case with zero transaction costs, we further simplify the mechanism and get some new findings. We further conduct numerical studies to compare our mechanism with four commonly used mechanisms to demonstrate its advantages and examine the impacts of some parameters on the performance of our mechanism. Finally, we consider the cases with general marginal cost structure as well as private quantity information, respectively.

Carbon footprint evaluation for electric vehicles considering green electricity trading

Electric vehicles (EVs) are often seen as a symbol of environmental friendliness. However, while EVs themselves do not directly emit carbon, the electricity they rely on may still contribute to carbon emissions. It is challenging to accurately assess the environmental impact of different types of electric energy used in charging stations due to unified pricing transactions. This hinders the precise measurement of each EVs' carbon footprint. To address this issue, this paper proposes a method for evaluating the carbon footprint based on Carbon Emission Flow (CEF) and energy traceability. A carbon integral mechanism is designed based on the China Certified Emission Reduction (CCER) scheme for coupling EVs with green electricity trading. These elements are integrated into the EV carbon footprint evaluation. Furthermore, the EVs' carbon footprint is minimized to select the lowest-carbon charging path for EVs owners. The feasibility of this proposed method is verified using an example from IEEE33 which quantifies EV footprints and indirect carbon emissions within the distribution network, ultimately encouraging consumption of green electricity by EVs and promoting more environmentally friendly modes of travel.

Collaborative resource allocation in computing power networks: A game-theoretic double auction perspective

The growth of global data is increasing exponentially, leading to a greater demand for computing power. To address this requirement, expanding computing power from the cloud to the edge is essential. However, this transformation presents two significant challenges: how to share computing resources more efficiently and how to optimize resource allocation. To tackle these challenges, we propose a three-layer Computing Power Network (CPN) framework that focuses on implementing the collaborative allocation of computing nodes and user tasks. We formulate the resource allocation problem in CPN as a double auction game and use an experience-weighted attraction algorithm that enables participants to adjust bidding strategies based on environmental interactions. We implemented a prototype of our proposed CPN framework and conducted extensive experiments to verify our algorithm’s convergence and evaluate the benefits obtained by buyers (users) and sellers (computing nodes) from the perspective of transaction prices, rewards, and average pricing. The comprehensive experimental results demonstrate the effectiveness of our proposed method. Compared with state-of-the-art pricing strategies, our approach achieves a 20% increase in convergence speed and an 88% increase in overall returns. Furthermore, it also exhibits a 2.5% increase in deal prices and a substantial 83% rise in the income of individual users. These outcomes convincingly prove the superiority of our method in achieving better convergence, improving overall returns, and benefiting both buyers and sellers in the CPN resource auction market.

주식을 이용한 사기 피해 방지방안에 관한 연구

Fraud crime using stocks (hereinafter referred to as fraud crime) refers to defrauding investments by supplying listed stocks, unlisted stocks, and overseas futures at lower prices than the actual transaction price using virtual securities companies and inducing investment by guaranteeing high returns. Since this crime is committed using fake phones and fake bank accounts in cyberspace called communication media, it is difficult to identify criminals, making it difficult to arrest them. Victims of fraud suffer from mental pain such as depression, anxiety, regret, and despair due to financial loss. Therefore, related agencies will not be able to stop crimes unless legal, institutional, and policy countermeasures are sought to prevent them. To prevent this, it is necessary to seek proactive and follow-up measures. First, the preliminary precautionary measure is ① by enacting a law on criminal law alarms to prevent damage by informing investigative agencies or financial institutions of the criminal law to the entire population. ② Even if an investor remits the investment, the investment should not be remitted for a certain period of time through the remittance transfer delay system, so that the investment should not be remitted to the criminal's account when the investor is judged to be fraudulent. ③ Financial institutions notify the investigative agency when a large amount of deposit and withdrawal accounts occur for a certain period of time, and when a damage report is received for the account, the investigative agency must immediately obtain a seizure and search warrant and confiscate it to prevent further damage. ④ Employees of financial companies should be able to impose the obligation to notify them through the revision of related laws that they can be punished if they are used for identification procedures and crimes when opening mobile phones and bankbooks. Next, the follow-up measures are ① The National Assembly should strengthen criminal punishment through the revision of the criminal law so that fraudulent crimes are not considered “remaining business,” so that potential criminals do not only prevent crime but also lead to crime. ② When a crime damage report is received, the investigative agency should obtain a real-time communication warrant so that the criminal can be located and arrested. ③ The National Assembly should unify the request for a search warrant from the police to the court so that investigative agencies can obtain warrants early and confiscate mobile phones and bank accounts. ④ The Ministry of Justice should establish a law enforcement agency dedicated to fraud so that it can arrest criminals and prevent crimes by securing expertise and giving investigative power superior to criminal methods. ⑤ The National Assembly should enact a law on suspension of withdrawal to prevent withdrawal when a financial institution requests the suspension of withdrawal, knowing that the investor is a fraud. These countermeasures will be a great driving force in preventing fraudulent crimes.

ANALISIS PENGARUH BEBAN PAJAK, PROFITABILITAS, MEKANISME BONUS DAN EXCHANGE RATE TERHADAP TRANSFER PRICING PADA PERUSAHAAN SEKTOR BARANG BAKU DI BURSA EFEK INDONESIA

Transfer pricing is the practice used by multinational companies to determine prices in transactions between subsidiaries, divisions, or related entities in different countries. The primary purpose of transfer pricing is to determine fair and reasonable prices for goods, services, or intellectual property rights traded between different entities that are within one company but operate in different countries or tax jurisdictions. The purpose of this study is to identify the effect of tax burden, profitability, bonus mechanism and exchange rate on transfer pricing in raw goods sector companies listed on the Indonesia Stock Exchange. The analytical tool used in the study was to use the Statistical Product and Service Solution (SPSS) program version 26. The sampling method is purposive sampling where there are 160 observational data. The results showed that tax burden, profitability, bonus mechanism and exchange rate have a positive effect on transfer pricing

A dataset of egg transaction prices in China’s market from 2014 to 2021

A dataset of egg transaction prices in China’s market from 2014 to 2021

Local land regulatory governance and land transaction prices: Micro evidence from land audits

It is of great significance to explore the role of land supervision in the standardization of local land transactions. We document the DID strategy to systematically evaluate how land audits affect the transactions in the land market. The results show that: (1) land audits have restrained the transactions of low price of industrial lands and the high price of commercial and residential lands, raised the unit price of industrial lands transactions, and reduced the price of commercial and residential lands, and these effects would not exist in the public sectors land transactions; (2) the impacts of land audits are more pronounced in State-Owned Enterprises (SOEs) and enterprises with large-scale operations and high capital intensity; (3) audits have overall positive significance, which has increased the total investment of local industrial enterprises and reduced the investment bubble. However, there are no deterrent effects. The conclusions have important implications for our understanding of the loss of lands and resources, supervision, and the standardized construction of the trading market.

Two-layer optimal scheduling of distribution network-multi-microgrids based on master–slave game

With the increase in the number of microgrids in the same distribution area usually belong to different subjects of interest, forming a multi-subject game pattern. Considering the interests of distribution networks and microgrids, a distribution network-multi-microgrid master–slave game model is established by selecting distribution networks as game masters and microgrids as game slaves. A master–slave game equilibrium algorithm based on a Kriging metamodel is proposed. The method replaces the microgrid energy internal management model with a proposed Kriging metamodel. In the iterative optimization process, the particle swarm optimization algorithm is used to generate new sampling points and modify the model in a targeted way so as to quickly and accurately obtain the transaction price and output plan of each microgrid. The algorithm does not need all the parameters of the microgrid, which both achieves the purpose of protecting the privacy of the microgrid and avoids a large number of calls to the lower optimization model, effectively reducing the amount of computation and improving the efficiency of the solution. The results show that the overall operating costs of the three microgrids used in the case study are reduced by 1.4%, 4.6%, and 1.6%, respectively, which effectively balances the interests of multiple parties in the microgrid system; the revenue of the distribution network is increased by 50.6%.

COMPARATIVE ANALYSIS OF TRANSFER PRICING LEGISLATION IN THE REGULATORY FRAMEWORK OF EU MEMBER STATES

The article carries out a comparative analysis and assessment of the adequacy of legal regulation of transfer pricing in the EU Member States. The necessity and importance of studying foreign experience in building and improving the legal framework for transfer pricing is substantiated. The authors determine that the relevance of transfer pricing and related issues both in terms of ensuring the proper functioning of the single market and eliminating base erosion and profit shifting is confirmed by the existence of a special advisory body under the European Commission - the Joint Transfer Pricing Forum (JTPF), which advises the European Commission on transfer pricing taxation. The article identifies the main aspects of transfer pricing regulation in the EU Member States with a view to a detailed analysis of the regulatory framework. The criteria of related parties in the EU transfer pricing legislation are studied. It is found that a common feature in the definition of related parties is the direct or indirect influence of one person on another. The author examines and compares the grounds for conducting an audit in the EU transfer pricing legislation and finds that in the vast majority of EU Member States there is a so-called "self-assessment" regime for companies, according to which the taxpayer must ensure compliance with the transfer pricing rules; the risk factors that are relevant for conducting an audit of transfer pricing transactions are legally defined; common factors for the sample of countries studied are: unprofitability of a group of companies against the background of profitability of other entities. It is concluded that the studied foreign experience of regulatory and legal regulation of transfer pricing transactions on the example of individual EU Member States has shown a high level of unification of legislation in the field of transfer pricing, with minor differences in the provisions of the national legal framework; the differences are mainly in the systematic nature of determining the criteria of relatedness of parties in transfer pricing transactions and the grounds for conducting audit procedures on such transactions.

Вопросы применения медианного значения рыночного интервала в регулировании трансфертных цен

Material changes in the tax regulation of transfer pricing have occurred in the early 2024, such changes include the introduction of the median value of the market price interval (financial parameters). This is a new instrument in the regulation of transfer pricing, its introduction was not justified in the bill discussion period, but its effect is significant for tax obligations of Russian companies. The new instrument in the transfer pricing system creates additional risks for taxpayers, as well as for the state in terms of economic relations with regard to timely and full calculation and payment of taxes, as well as for parties to international economic activities and internal relations. This predetermines the research subject: the conditions of and procedure for applying the median value for the purposes of tax control of intracompany transaction prices. The research methodology is based on an analysis of transfer pricing recommendations of the ОECD in АННОТАЦИИ Налоги № 2-2024 47 АННОТАЦИИ terms of applying statistical tools to determine the price of the transaction under analysis, provisions of foreign regulations that determine the pricing procedure in transactions between related entities. Special attention is paid to an analysis of foreign court judgments on determination of the market price of intracompany transactions. An analysis of the ОECD recommendations has given an opportunity to single out obligatory conditions for the application of the median value. The author has identified a tendency towards harmonization of approaches to using the median value in foreign countries and the general trend to clarifying regulations in 2022-2024. The judicial practice shows that irrespective of the activity type or type of transactions performed by group subdivisions, courts award uniform judgments in terms of applying the median value and take into account the ОECD recommendations when passing a judgment. The paper concludes that Russian taxpayers face an additional tax risk rooted in the differences in the approach towards the application of the median value in the Tax Code of the Russian Federation and the OECD Transfer Pricing Guidelines for transnational corporations and tax administrations used to regulate taxation of transactions between related entities in explanations of tax authorities and the judicial practice. The scientific novelty of the study lies in the determination of tendencies towards applying the median value for transfer pricing purposes, evaluation of tax consequences of the novelty for Russian taxpayers.

Optimization and Demonstration of PV Power Plant Investment Evaluation and Decision Model under the Background of Marketization

Based on the real option analysis method, this paper makes an empirical analysis of the evaluation and optimization of the model, and analyzes the main factors of the investment value of photovoltaic power plants in combination with the investment decision-making characteristics of photovoltaic power plant projects under the background of marketization. The electricity price and generation income, transaction price and income are all processed by geometric Brownian motion, and the random process is obtained by Monte Carlo simulation method. Based on the sensitivity analysis of the uncertain factors of the model, the investment risk of photovoltaic power station is evaluated and the suggestions are put forward. The results show that when the on-grid electricity price increases by 10%, the net present value is about 6 million yuan in the 26th year. Therefore, how to evaluate the uncertainty factors of photovoltaic power plant investment and make scientific and reasonable investment decisions is of great significance for the development of photovoltaic power generation.

Zero‐price effect and consumer welfare: Evidence from online classified real estate service

AbstractWe test whether the tendency to overvalue a free service over a paid alternative may lead to inferior economic outcomes. We examine data from an online classified real estate service in Israel that allows private and commercial owners to offer their real estate properties for sale and lease under either free‐basic or paid‐premium listing categories. Estimation results indicate a zero‐price effect in owners’ choice of a listing category. Moreover, although the vast majority of owners opt for the free‐ad category, the paid‐premium category generates increased buyer demand, greater transaction price, and decreased time‐on‐market—adding up to an average net benefit of about 3.5%–3.8% of the average transaction price (equivalent to about $12K–$13K). Outcomes are robust to a series of identification and test‐design issues.

The Application of Differentiated Pricing Strategy in M&A Practice of Listed Companies

In recent years, with the continuous active market of listed companies M&A and reorganization, the phenomenon of differentiated transaction pricing M&A is very common. In order to quickly shorten the transaction process, the initial design of the transaction plan needs to pay attention to the demands of the transaction parties, and the application of differentiated pricing strategy meets the diversified needs of the transaction parties. Based on the historical wave of M&A and the development status of Chinese listed companies, this paper analyzes the applicability and defects of M&A pricing of Chinese listed companies from the point of view of the core issue in the M&A process. This paper studies the pricing problem from two aspects. First, starting from the deterministic system, it analyzes the pricing of M&A enterprises under the perfect market system. The second is from the actual situation of China, the use of AMPS model for analysis. The research results show that the practice of differentiated pricing strategy of listed companies can not only deepen the understanding of the role of corporate governance in M&A, but also promote the effective risk control and profit maximization of listed companies. The research significance is to have a further understanding of the M&A pricing of China's joint-stock enterprises.

Impact of the Apartment’s Window Exposure to World Directions on Transaction Price

Abstract The purpose of the study is to econometrically estimate the effect of the direction of window exposure on the unit price of housing. The research hypothesis according to which the exposure of windows to the east increases the unit price of apartments is verified, and is based on observations of the market for units in buildings with exposure to two sides of the world (east and west). Research into the various characteristics that affect real estate prices is being conducted around the world. The main focus is on the impact of features which we are certain about, i.e. date, area, number of rooms, etc., i.e. non-contentious and reasonably easy to identify as to the condition of the feature. The results of the study are to capture certain regularities that will give a glimpse of how the exposure of the apartment’s windows to a given direction of the world affected prices. Through the implementation of the survey, it can be determined whether a particular side of the world is better perceived by buyers. The study was conducted on data 2015-2023 in one of Poland’s largest cities - Szczecin, where the exposure of the windows of the apartments was to the east or west.

Framework design of distributed P2P2G energy transaction considering photovoltaic power and dispatch of manufacturing facilities

In this paper, a distributed peer-to-peer-to-grid (P2P2G) energy transaction framework considering photovoltaic generation and dispatch of manufacturing facilities is designed to increase the penetration of renewable energy resource. The factory with typical manufacturing assembly production task, photovoltaic panels and battery is regarded as a micro-grid (MG) to participate in the energy transaction market. The designed framework contains two levels. In the upper level, each MG determines the scheduling of manufacturing facilities and battery and the quantities of P2P2G energy transactions based on the given P2P energy transaction price and distribution locational marginal price (DLMP), in which the complex typical manufacturing assembly process is formulated as a kind of deferable load and the DLMP is updated according to the optimal power flow (OPF) of the network. In the lower level, peer-to-peer (P2P) energy transaction prices are updated by non-cooperative games and the homologous Rosen-Nash equilibrium points are obtained by using Nikaido-Isoda relaxation and alternating direction method of multipliers (ADMM) algorithm. The efficacy of the designed framework is demonstrated by a case study, and the results indicate the designed framework can improve the utilisation rate of renewable energy.