Transaction Prices Research Articles

A New Method for Assessing Land Consolidation Urgency, including Market Value

Public funding for land consolidation projects is an instrument in the Common Agricultural Policy of the European Union (CAP). The execution of systematic land consolidation programmes focused on optimising the spatial structure of agricultural areas presents the possibility of improving agricultural production conditions and maximising the efficiency of agriculture at the local, regional, national, and international levels. However, due to limited access to financial resources, it is necessary to delimit priority areas for land consolidation. A contemporary practice based on an assessment of the social support percentage of potential land consolidation projects in individual villages does not represent a real necessity for action. This problem leads to the ineffective utilisation of financial resources and reduces the efficiency of the implemented programmes. We propose a new algorithm for assessing the real needs for land consolidation based on a detailed multi-faceted analysis of the spatial structure of agricultural areas. The research method involved factors describing the spatial structure defectiveness of farms, as well as those determining land quality in relation to investment profitability. Another factor verifying the potential economic rationale of land consolidation is transaction prices, which mostly reflect the agricultural value of the land. The analysis showed that land consolidation in areas with defective spatial structures and relatively high market value should be a priority. The study enabled the extraction of five of the 58 analysed villages, characterised by above-average demand for land consolidation and above-average land prices. This approach will contribute to profit maximisation by increasing the productivity of areas with the highest agricultural suitability.

Assessing the effect of housing attributes and green certification on Malaysian house price

Purpose Sustainability represents innovative elements in determining the profitability of real estate investments, among other factors, including the green component in real estate. Evidence from the literature has pointed out that incorporating green features into residential buildings can reduce operational costs and increase the building’s value. Although green real estate is considered the future trend of choice, it is still being determined whether prospective buyers are willing to accept the extra cost of green residential investment. Therefore, this study aims to investigate the effect of housing attributes and green certification on residential real estate prices. Design/methodology/approach The impact of the housing attribute and green certification in the residential sectors was assessed using a transaction data set comprising approximately 861 residential units sold in Selangor, Malaysia, between 2014 and 2022. Linear and quantile regression were used in this study by using SPSS software for a robust result. Findings The findings indicate that the market price of residential properties in Malaysia is influenced by housing attributes, transaction types and Green Building Index certification. The empirical evidence from this study suggests that green certification significantly affects the sales price of residential properties in Malaysia. The findings of this research will help investors identify measurable factors that affect the transaction prices of green-certified residential real estate. These identifications will facilitate the development of strategic plans aimed at achieving sustainable rates of return in the sustainable residential real estate market. Practical implications Specifically, this research will contribute to achieving area 4 of the 11th Malaysia Plan, which pertains to pursuing green growth for sustainability and resilience. This will be achieved by enhancing awareness among investors and homebuyers regarding the importance of green residential buildings in contributing to the environment, the economy and society. Originality/value The regression model for housing attributes and green certification on house price developed in this study could offer valuable benefits to support and advance Malaysia in realising its medium and long-term goals for green technology.

The allocative efficiency of construction land quota in rural China: a perspective of bidders' behavior and regret psychology.

The construction land quota pricing mechanism with cost plus pricing method is not sufficient to reflect its intrinsic value. This diminishes the willingness of farmers to voluntarily reclaim abandoned residential and other rural construction land, leading to suboptimal efficiency in rural land utilization and an excessive squandering of rural land resources. Thus, a sequential auction model with two stages for complementary goods was constructed, which considered the synergic characteristics between the land and quota. Further, regret psychology of bidder was considered in the case of winning or losing. A rational pricing mechanism has been developed to allocate construction land quotas, aiming to enhance farmers' motivation to the vacant homesteads of reclamation and revitalizing the stock of rural construction land. The results revealed that the regret psychology in the case of winning would decrease the transaction price of the quota, i.e., the greater the perceived regret in the case of winning, the more significant the reduction in the bidding price offered. Moreover, the regret psychology in the event of losing/failure would increase the transaction price of quota. Furthermore, publishing only the winner's price after the auction leads to the highest price of the quota offered by the bidder. In contrast, publishing only the loser's bidding price leads to the lowest transaction price of the quota offered by the bidder. In addition, the fee for delayed construction would increase the bidding price of the construction land quota. Therefore, local governments should consider announcing only the winner of price after the quota auction has ended. In addition, imposing a fee for delayed construction would enhance the transaction price of land quota, increase farmers' revenue from land reclamation, and incentivize farmers to reclaim unused rural land.

Estimating spot volatility under infinite variation jumps with dependent market microstructure noise

Summary Jumps and market microstructure noise are stylized features of high-frequency financial data. It is well known that they introduce bias in the estimation of volatility (including integrated and spot volatilities) of assets, and many methods have been proposed to deal with this problem. When the jumps are intensive with infinite variation, the efficient estimation of spot volatility under serially dependent noise is not available and is thus in need. For this purpose, we propose a novel estimator of spot volatility with a hybrid use of the pre-averaging technique and the empirical characteristic function. Under mild assumptions, the results of consistency and asymptotic normality of our estimator are established. Furthermore, we show that our estimator achieves an almost efficient convergence rate with optimal variance when the jumps are either less active or active with symmetric structure. Simulation studies verify our theoretical conclusions. We apply our proposed estimator to empirical analyses, such as estimating the weekly volatility curve using second-by-second transaction price data.

An analytical target cascading method-based two-step distributed optimization strategy for energy sharing in a virtual power plant

Large-scale distributed renewable energy sources as well as emerging controllable loads such as electric vehicles connected to the distribution grids have posed challenges to the efficient management of these distributed energy resources. Promoting energy-sharing of distributed energy resources through economic incentives is a cost-effective and equitable solution to the challenge. This paper proposes a two-stage transactive energy control mechanism by the virtual power plant (VPP) for energy-sharing of multiple prosumers. Firstly, a VPP internal price mechanism based on the supply-demand ratio of prosumers in the energy-sharing alliance is proposed. Then, a two-stage economic optimization model is developed. Trading prices between VPP and prosumers are established in the first stage, and prosumers make operating plans based on those prices in the second stage. Then, considering that prosumers and VPP are independent stakeholders, a decentralized optimization algorithm based on the analytical target cascading method is developed. The upper-level VPP coordinates the energy-sharing alliance and sets the transaction price following the overall supply and demand ratio. Lower-level prosumers independently make decisions and feedback on the trading power of the VPP. Then, iterative calculations provide a distributed and independent solution. Finally, the case study verifies that the proposed energy-sharing model can reduce the operating cost of prosumers by 14.29 %. Moreover, prosumer privacy protection is achieved by the analytical target cascading-based distributed model at a cost of less than 1.5 % accuracy.

Seller Experience and Transaction Prices on a Blockchain-Enabled Marketplace

Seller Experience and Transaction Prices on a Blockchain-Enabled Marketplace

The effect of sustainability reporting, transfer pricing, and deferred tax expense on tax avoidance in multinational manufacturing sector companies

Transfer pricing is a company’s decision to determine the transfer of the prices of goods, services, and transactions implemented by the company (Choi et al., 2020). This study aimed to examine the effect of sustainability reporting, transfer pricing, and deferred tax expense on tax avoidance. This research was a descriptive quantitative study in which data were collected, processed, presented, and analyzed quantitatively (numbers) and descriptively (sentence description). This study was conducted in 35 multinational companies in the manufacturing sector listed on the Indonesia Stock Exchange (IDX), which were selected purposively. The observation period in this study was from 2016 to 2020. The analysis used in this research was panel data regression. The results showed that transfer pricing had an effect on tax avoidance, which means that if the company carries out transfer pricing, the company is indicated to be carrying out tax avoidance. Sustainability reporting and deferred tax expense cannot affect tax avoidance, which means that if companies carry out sustainability reporting and have a deferred tax expense they are not indicated to do tax avoidance.

Transfer Pricing and Organizational Performance of Multinational Corporations in Nigeria: A Mediating Effect of Audit Quality

Aim: The relationship between the enforcement of transfer transaction prices and organisational success is getting more complex. Hence, the primary aim of this study is to examine the effects of transfer pricing on the financial performance of Nigerian-listed multinational companies (MNCs), while also considering the potential moderating effect of audit quality. Methodology: The research design used for this study was ex post facto. The study used a sample of 10 Multinational Corporations that were listed on the Nigeria stock market as of December 2023. The research used panel regression analysis to investigate the influence of transfer price on the overall performance of multinational companies (MNCs), with a particular focus on the mediating effect of audit quality. Findings: The research found that, when taking into account the effect of audit quality, the exchange rate has a positive influence on the financial performance of multinational firms, as measured by return on assets (ROA). Furthermore, the analysis of the impact of audit quality on effective tax rates demonstrates a statistically significant negative relationship with the financial success of multinational corporations, as assessed by return on assets (ROA). Conclusion: The performance of multinational corporations in Nigeria is highly influenced by transfer pricing, especially when considering factors such as exchange rate and effective tax rate, which are regulated by audit quality. Recommendation: It is recommended that multinational corporations undertake appropriate measures to enhance their effective tax rate in order to enhance performance and mitigate expensive errors via the implementation of high-quality audits in the context of transaction transfer pricing rules.

Analysis and research on China’s carbon trading market and transaction prices based on signal decomposition model and deep learning model

Abstract With the continuous development of industrialized society, carbon emissions have become a significant global challenge. Carbon trading, as a crucial measure to mitigate carbon emissions, has garnered substantial attention in the context of market prediction analysis. Addressing the nonlinear and nonstationary nature of carbon trading prices, this study proposes a novel prediction model based on signal decomposition and deep learning. A GUR neural network model, integrated with an attention mechanism, is constructed within a deep learning framework. The model utilizes Ensemble Empirical Mode Decomposition (EEMD) to address the issue of non-smooth and nonlinear panel data, further enhanced by the Symbiotic Organism Search (SOA) algorithm. This approach culminates in an advanced price prediction model for China’s carbon trading market. Analysis of relevant data from 2014 to 2022 reveals several fluctuations in carbon trading prices, with transaction prices peaking at 68 yuan. The proposed method demonstrates superior performance metrics, with RMSE, MAE, and MAPE values of 0.512, 0.395, and 1.108%, respectively, outperforming other methods. This study offers an effective approach for predicting carbon trading market prices, providing valuable insights for optimizing and managing carbon market trading and development.

An Economic Analysis of the Impact of Digital Currencies on Land Asset Securities Transactions

Abstract Dilemmas in financing, risk control, and liquidity have arisen in the face of the current land system, and land securitization can provide a way of thinking to solve these problems. This paper proposes four financial instruments for land asset securitization. It calculates the transaction pricing of that land asset security by splitting it into a composite of independent financial derivative values based on the risk-free arbitrage theory in financial engineering. Finally, based on the multiple fractals and volatility spillover index method, the impact of digital currency on the trading dependence and risk spillover of land asset securities when land is securitized as an asset is studied in depth. The results show that the fractal characteristics of land stocks are 0.756, and land bonds are 0.737. The multiple fractal characteristics of the cross-correlation of different land security assets are differentiated, which indicates that the impact of digital currency on the land security assets among them is stronger in the long memory of small fluctuations. The inverse persistence of large fluctuations is stronger. The risk spillover results show that there is a small risk correlation between digital currencies and land securities transactions.

2019–2022年中国蛋鸡饲料原材料中玉米和豆粕市场交易价格调查统计数据集

Through collaboration with the Animal Husbandry and Veterinary Bureau of the Ministry of Agriculture and the National Animal Husbandry General Station, we collected the transaction price data from the corn and soybean meal market in 29 provinces across China from 2010 to 2022. Following rigorous principles of consistency, continuity, and data integrity for screening, cleaning, processing, secondary proofreading, and correction, we finally obtained a dataset of the survey of market trading price statistics on corn and soybean meal in feed raw materials for layer hens in China from 2019 to 2022. The dataset comprises comprehensive weekly, monthly and quarterly data spanning the entire country and 29 provinces. It can offer reliable data support for the price prediction and analysis of corn and soybean meal, and facilitates the macro-control efforts by government department aimed at managing the pricing dynamics of these essential products.

재건축사업의 단계별 개선방안의 중요도 연구

1. CONTENTS (1) RESEARCH OBJECTIVES IIn order to revitalize the reconstruction project, there is a lack of research divided from the project preparation stage to the project implementation, management and disposal plan, and completion and liquidation stage. Therefore, this study aims to provide implications by identifying problems that occur step by step when promoting reconstruction projects, ways to improve the satisfaction of members, and deriving important factors when promoting the project.me was studied. Data on the actual transaction price of apartments representatively inhabited by the general public among real estate near the high-speed railway station were collected and analyzed. Through (2) RESEARCH METHOD Through the results of the survey, differences in satisfaction between groups and post-verification were conducted on the items of each stage of the reconstruction project according to demographic characteristics. In addition, the AHP analysis was conducted with a structured second questionnaire in a pairwise comparison method for executives of reconstruction associations and experts such as related public officials, maintenance companies, municipal construction, and architects (3) RESEARCH FINDINGS As a result of analyzing the unconstrained potential growth model, it was confirmed that apartments located within 5km of the high-speed railway station rose in price after the location of the high-speed railway station, and apartments within 2km of the station had a much larger increase in sales price than apartments after 2km. In the pharmaceutical potential growth model, it was confirmed that the distance between apartments and high-speed railway stations, and the rate of increase in apartment sales prices as the aging period after construction increased, and there was no difference between regions. 2. RESULTS It was found that the promotion committee's operating regulation system was supplemented, the prior feasibility review for project promotion was strengthened, the general meeting of the union was held, and the decision procedure was implemented. The reason why all experts and administrative experts were ranked first is that the city and provincial governor should prepare and distribute the standard articles of incorporation, so it was selected as an important factor because it is necessary to supplement the operating regulation system to meet the changed conditions such as the revision of the law.

Crafting the Customer’ Positive Affect Experience and Loyalty towards the Omni-channel Banking Sector in Pakistan: A Two-staged Classical-SEM and Artificial Neural Network (ANN) Approach

The primary purpose of this study was to examine the six aspects (transaction information, information access, promotion, product and price, order fulfilment, and customer service) of Omnichannel marketing strategies on the customer's positive affect experience and additionally study the impact of the positive affect experience on the customer loyalty. To achieve this purpose, we applied the online survey-questionnaire data collection technique while using the non-probabilistic convenience sampling technique to collect 453 data from the customers of those banks in Pakistan that implemented the Omnichannel strategies in their business operations. The Covariance-Based Structural Equations Model (CBSEM) results show that all the Omnichannel strategies significantly and positively impact customer positive affect experience except the integrated promotion while customer positive affect experience also positively impact customer loyalty. The results of this study's Artificial Neural Network (ANN) show that integrated customer service and product and price were the most important predictors of the positive customer experience in the Omnichannel banking sector in Pakistan. These outcomes of this study also provide various theoretical and managerial implications in the existing literature on the Omnichannel.

Tax Zoning – a possible direction for property tax reform. Proposal for Wrocław

The article aimed to present arguments for the necessity of changes in the real estate tax system. The concept of a zone-based tax was introduced, which could replace the existing system quickly, addressing some of the raised issues of social injustice while providing additional revenues to municipalities. The selection of appropriate zoning criteria from the residents’ perspective remains an open question. An integral part of the article is an empirical analysis based on the example of the city of Wrocław, encompassing a combination of three different zoning criteria: proximity to public transportation stops, educational institutions, and cultural centers. The results of computer simulations were compared with the actual distribution of transaction prices for residential properties from January 2022 to March 2023.

A generalization of the Taylor's theorem

In mathematics, Taylor's theorem is a formula that uses the information of a function to describe its proximity to a point. If the function is smooth enough, the conductive values can be used to construct a multiform to approximate the the function in the neighboring area of that point, which can even be extended to the convergence radius of the scale. Taylor’s theorem also gives the deviation between this multiform and the actual function value. The essay includes the proof and application of Taylor’s theorem and the Taylor’s theorem in multivariate functions. Special functions are set with unknown coefficients to deduce the Taylor’s theorem. Specific questions are solved by using the Taylor’s theorem as some examples. Taylor's theorem is frequently applied in real-world settings to solve problems. For instance, in engineering, it can be used to build a variety of numerical simulations and optimization algorithms. In physics, it can be used to analyze data from physical experiments. In finance, it can be used to manage risk and set prices for financial transactions.

Incentive-oriented power‑carbon emissions trading-tradable green certificate integrated market mechanisms using multi-agent deep reinforcement learning

Due to the stricter emission reduction and renewable energy consumption goals in China, the carbon emissions trading (CET) market and tradable green certificate (TGC) market, as key means to achieve these goals, urgently need to adjust the current operating mode timely and maximize market effectiveness by introducing adaptive incentive mechanisms. Therefore, taking the power industry as an example, an incentive-oriented power-CET-TGC integrated market simulation framework based on multi-agent deep reinforcement learning is constructed. The impact of consignment auction mechanism, traditional auction mechanism, and voluntary TGC trading mechanism on the transaction situation of each market is prospectively analyzed. The results demonstrate that with the introduction of various incentive mechanisms, the transaction scale and prices of CET and TGC markets increase, and the effectiveness of carbon reduction and renewable energy consumption is significant. Among them, auction mechanisms are valid way to promote the explicit cost of carbon emissions, and the voluntary TGC trading mechanism is an important means to enhance the clean value of green energy. In addition, it is recommended to adopt consignment auction mechanism under the short-term goal “carbon peak” of pursuing economic benefits and stable emission reduction, while traditional auction mechanisms are recommended under the long-term goal of “carbon neutrality” of urgently requiring large-scale emission reduction. Moreover, the voluntary TGC trading mechanism can achieve synergy and connection between the TGC market and the green electricity market to a certain extent. These insights can provide mechanism reference for the sustainable development and construction of CET and TGC markets.

Equilibrium decisions of electricity and ancillary services for energy storage in a renewable power system

Mitigating the power supply fluctuations and maintaining profitability is essential for the operation of the renewable power system (RPS). This study examines, from a supply chain perspective, how the decisions of generators with energy storage technologies (ESTs) in the electricity market (EM) and ancillary services market (ASM) will affect the volatility and profitability of the RPS. The supply chain network equilibrium approach is adopted to investigate the optimal transaction prices and volumes among various decision-makers in the network with the objectives of maximizing profits. The equilibrium conditions are presented with the variational inequality theory and a modified projection algorithm. A case study based on a real situation is carried out and the results show that: (1) When ESTs are used in the EM only, it works well on smoothing the fluctuations of electricity output and price. (2) ESTs, when used in the ASM, can significantly improve the profitability of both the generator and the RPS. (3) When ESTs are used in both the EM and ASM, ancillary services account for approximately 84 % of storage capacity. In addition, ESTs can also promote the consumption of renewable power. This study provides valuable insights for informed decisions to enhance the economic and stable operation of the RPS.

Safe Harbor Regimen in Transfer Pricing—An African Perspective

The transfer pricing methods established by the transfer pricing rules and practices of many countries (generally modelled after the OECD Transfer Pricing Guidelines) are not only complex to implement, but also fraught with challenges such as the lack of availability of comparables for benchmarking purposes, low accessibility of databases and the failed capacity of tax authorities to implement them. For tax authorities in African countries, these challenges are further amplified, for example, by lack of resources, especially human and capital, and a shortage of experience in applying transfer pricing rules. As a result of these challenges, achieving arm’s length prices for transactions between related entities has posed a significant burden and cost to both taxpayers and tax authorities. The OECD and the G20 initiated the Base Erosion and Profit Shifting (BEPS) project to ameliorate some of the challenges listed above and to address the erosion of tax bases and shifting of profit to low-tax jurisdictions—challenges ultimately tied to the limitations of the arm’s-length standard and application of transfer pricing methodologies. However, tax authorities in some jurisdictions already apply safe harbors and other simplified measures to mitigate the challenges of applying transfer pricing rules and practices. These measures reduce the need for taxpayers to prepare detailed transfer pricing documentation in justifying the arm’s-length price fixed for goods and services transferred among related entities. They also remove the need for tax authorities to audit the books of taxpayers where they act within approved margins. In some cases, they exempt taxpayers from applying transfer pricing rules to related-party transactions. Historically, the OECD discouraged the use of safe harbors by tax jurisdictions, claiming that they conflict with the arm’s length standard. In recent times, the OECD has changed its views on the use of safe harbors. The Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalization of the Economy recommends the use of safe harbors, including those in the GloBE rules, in determining marketing and distribution profits. Given the positive recommendation by the OECD on the use of safe harbors in recent times, this Article analyzes the adoption and application of safe harbor regimes by certain countries and discusses how they should be designed. It recommends the cautious adoption and application of safe harbor regimes by tax authorities in African countries to achieve increased revenue collection, tax efficiency, certainty, simplicity and convenience, and to circumvent the complicated comparability analysis.

The impact of real estate agents’ expertise on house prices and TOM

AbstractThis study investigates whether the expertise levels of real estate agents impact the fundamental market outcomes of transaction prices and marketing durations. A primary contribution of this article is joint examination of three knowledge categories for both listing and selling agents. Instead of the length of agents’ license periods or recent transaction volumes, the results demonstrate that the important expertise category is agents’ local market knowledge. We consistently find that the economically important determinant of transaction prices is the separation distances between the subject homes being traded and agents’ micromarkets where they have conducted recent transactions. The results further demonstrate that agents who have tighter market concentrations increase prices and vice versa for unfocused micromarkets. We find that agents’ expertise levels do not materially alter marketing durations.

Integration and Cointegration of Apartment Prices on the Primary and Secondary Market in Szczecin in the Years 2006-2022

Abstract The objective of the paper is to verify hypotheses regarding integration and cointegration (relation) of mean apartment prices on the primary and secondary market in Szczecin. Both transaction prices as well as offer prices of apartments were investigated. The analysis period encompasses the years of 2006 – 2022 (quarterly data). An ADF test was employed to examine the integration of time series, taking into consideration a deterministic component in the form of a quadratic function. Only the time series of mean offer prices and transaction prices on the primary market proved to be integrated in the first degree. The time series of mean offer prices and transaction prices on the secondary market were not integrated, they occurred to be trend stationary series. A two-step Engle-Granger test was employed to analyze the cointegration of time series, which confirmed the cointegration of mean offer prices and transaction prices on the primary market. The relations between individual price types were examined with the use of a procedure which entailed analyzing (with an ADF test) difference stationarity between prices. From the empirical studies it arises that, in Szczecin, transaction and offer prices on the primary market follow one another. On the secondary market, offer and transaction prices are trend stationary and they converge. On the other hand, prices on the primary market diverge from prices on the secondary market (the primary market diverges from the secondary market). This concerns both offer prices as well as transaction prices.