Transaction Prices Research Articles

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.

A Study on the Correlation Between School District Housing Price and Birth Rate in Beijing and Kunming

In China, under the influence of traditional thinking, peoples enthusiasm for buying houses is constantly rising, and the real estate market has always been enthusiastically sought after in China. On this basis, with the development of the economy, it has slowly evolved into school district housing, central business district housing, new city housing and other room types. School district housing has become a hot topic of concern in the whole society. Some researchers believe that fluctuations in the freshman population affect school district housing prices, but there is still a lot of room for research on this view. Therefore, this paper analyzes the correlation between the new population and the housing prices of school districts in representative cities in China by collecting the data of Chinas new population in the past decade, as well as the highest transaction price and average annual transaction price of school districts in China. The study found no correlation between birth rates and house price levels. There is a positive correlation between the birth rate and the growth rate of house prices.

How do strategic pricing approaches influence franchise fee decisions?

In the franchising market, transactions involve franchisees paying franchisors for the right to use their business models. In such transactions, the franchise fee functions as the transaction price, which is a critical component of profitability and the long-term survival of franchise brands. Based on Ohmae’s 3Cs (i.e., cost, competition, and customers) model, this study investigates how strategic pricing approaches influence franchise fees. The empirical results suggest that franchise fees are influenced by the cost-based and the value-based approaches but not by the competition-based approach. Furthermore, among the approaches, the cost-based approach is found to have the greatest impact on the franchise fee, followed by the value-based and the competition-based approaches, respectively. Additional analysis found that the different pricing approaches are used depending on the business characteristics. By delineating the pricing mechanism of the franchise fee, these findings contribute to the literature on franchising in the hospitality industry, strategic management, and marketing and have important implications for industry practitioners.

DEVELOPMENT OF A DSS MODULE WHEN PREPARING ASSESSMENTS FOR IT COMPANY CLIENTS

The article considers the relevance of the search for toolkit for objective software development complexity and timing assessment. The key purpose of this toolkit is to provide an IT company with the opportunity to objectively assess the labor intensity, the cost of a future software product at an early stage, on the one hand, and to ensure transparency in justifying an acceptable transaction price for the customer, on the other hand. A special feature of the IT industry is the intangible nature of the created product and, as a result, the challenge of choosing methods (metrics) for labor intensity assessment and predicting the timing of the software product implementation, which allows obtaining realistic data without serious time and financial costs, poses a certain difficulty. The results of the analysis and comparison of the most common methods of software development complexity assessment (in particular, IFPUG, UCP, COCOMOII, etc.), including identification of advantages and limitations, are presented. A generalized algorithm for the decision support system operation is proposed to reduce time and increase the validity of calculations when drawing up estimates by an IT company analyst as a part of the preparation of technical specifications. A description of individual screen forms of the decision support system designed module is provided.

Energy Trading and Power Allocation Strategies for Relay-Assisted Smart Grid Communications: A Three-Stage Game Approach

In smart grid, serious packet loss often occurs in the process of information interaction between the Utilities and customers, which results in supply-demand deviation and further increases the cost of the Utilities. In order to improve the information transmission performance of communication networks, the Utilities purchase relay service from telecom operator to help data aggregator units (DAU) transfer information to gateway (GW), so as to improve communication quality and reduce the cost of the Utilities. Secondly, in order to solve the problem of telecom operators' energy reduction and reduce the cost of purchasing energy, we utilize energy supply point (ESP) to collect the surplus energy of retail customers for energy supply, and telecom operator pays a certain amount of remuneration to ESP in exchange for ESP to continuously supply energy to telecom operator. Then, we establish a three-stage game method and system model between the Utilities, telecom operator and ESP, and propose the relay power allocation and energy transaction pricing strategy. Due to the real-time change of energy demand, we consider two situations of energy oversupply and conservative supply, and use the backward induction method and iterative algorithm to obtain the equilibrium solution of the Stackelberg game, including the unit energy price of ESP, total power of telecom operator, the proportion of transmission power allocated to the relay service, and payment scheme of the Utilities. Simulation results show that the proposed algorithm can quickly and accurately converge to the optimal solution of the problem, and the method can improve the stability of demand-side regulation, reduce the cost of the Utilities and increase the profit of telecom operator.

Review of Blockchain Tokens Creation and Valuation

Blockchain and tokens are relatively new research areas insufficiently explored from both technical and economic perspectives. Even though tokens provide benefits such as easier market access, increased liquidity, lower transaction costs, and automated transactional process, their valuation and price determination are still challenging due to factors such as a lack of intrinsic value, volatility, and regulation making trading risky. In this paper, we address this knowledge gap by reviewing the existing literature on token creation and valuation to identify and document the factors affecting their valuation, investment, and founding, as well as the most promising domains of applicability. The study follows the PRISMA methodology and uses the Web of Science database, defining clear research questions and objective inclusion criteria for the articles. We discuss token technical development, including creating, issuing, and managing tokens on an Ethereum blockchain using smart contracts. The study revealed several key factors that significantly impact the field of tokenomics: demand and supply, social incentives, market conditions, macroeconomics, collective behavior, speculation, and inclusion in index funds. The most relevant use cases of blockchain and tokens are related to the digitization of virtual and physical assets, accountability, and traceability usual in smart grids or supply chains management, social governance, and art and gamification including metaverse.

Perubahan Harga Dalam Transaksi Jual Beli Bawang Merah Perspektif Fiqih Jual Beli

In Islam, buying and selling is an important aspect of the economic life of Muslims. The principles of buying and selling fiqh governing these transactions, such as honesty, fairness and agreement, serve as guidelines for Muslims in transactions. The aim of the research is to change the transaction price of shallots made by the ordering/buying party, which is viewed from the perspective of buying and selling jurisprudence. The research method used by researchers in this study is qualitative. This approach uses a descriptive analytical method, namely a method that functions to describe or give an overview of the object under study through data or samples and make conclusions that apply to the public. The results of this study indicate that the price changes made by the ordering/buyers menzholimi shallot traders or sellers by violating the fiqh of buying and selling and Islamic Shari'a. As mentioned in surah An-Nisa verse 29.

Down payment requirements and house prices: Quasi‐experiment evidence from Shanghai

AbstractUsing the regression discontinuity design, a quasi‐experiment approach, this paper establishes a causal relationship between the down payment requirement and house prices by exploiting a unique institutional background in Shanghai. In the unique setting, the required minimal down payment ratio jumps at the Inner Ring, a circular elevated highway, from 50% to 70% for a large group of buyers. With transaction level data from the largest real estate broker in Shanghai, we find that a lower required down payment ratio increases the apartment price by 138.8 thousand RMB, around 3.71% of the average transaction price.

What are the differences in urban citizens’ preferences for the colour of condominium building facades?

The colour of a building facade is an important attribute that significantly influences consumers’ purchasing intentions towards commodity buildings. This influence is often reflected in transaction prices, allowing researchers to extract consumers’ colour preferences and analyse their psychological states. However, there is a significant lack of relevant research in this area. Therefore, this research is the first attempt to explore urban consumers’ preferences for the colour of building facades using a housing price measurement system. It also conducts comparative analyses of the consumption psychology of different homebuying consumer groups. The innovative approach in this research can serve as a reference for exploring similar issues in other regions worldwide, and the empirical results of this research hold important professional value for fields such as social psychology and urban planning. Specifically, this research takes the city of Fuzhou, China, as an example, and it uses cross-sectional transaction data from second-hand residential communities in 2020 as its research reference. Through economic and geographical research methods, this study explores consumers’ preference for colour among various consumer groups. The research reveals that the overall homebuying consumer groups in Fuzhou have specific preferences for the quantity and characteristics of facade colours. Furthermore, consumer preferences vary among different income levels and geographic locations of homebuying consumer groups. Finally, the research estimates the possible reasons for these preference differences.

Client influence or the valuer's behavior? An empirical study of listed companies' valuation in Taiwan

PurposeValuers should independently assess market value. The purpose of this article is to analyze whether the valuation behavior remains independent when commissioned by publicly listed companies in Taiwan.Design/methodology/approachThis study used both quantitative and qualitative methods. Quantitative data analysis was used to examine the estimated premium ratio and estimated divergent ratio with the independent sample t test and Wilcoxon-Mann-Whitney test. To complement and validate the quantitative analysis, open-ended questionnaires were conducted, providing additional insights into the research findings.FindingsThe results showed that there is a significant difference in estimated valuations commissioned by representatives of buyers and sellers, and the estimated premium ratios commissioned by representatives of buyers were higher than those of sellers. Furthermore, the open-ended questionnaires results indicate that these findings may be influenced by clients for less experienced appraisers. However, for senior appraisers, this is seen as an action to gain a better understanding of the valuation purpose and always within a reasonable price range. In addition, client influence is not a static factor; it may transform into the valuer's behavior as the appraiser's experience grows and deepens.Practical implicationsIt is difficult to obtain valuation reports commissioned by representatives of both buyers and sellers for the same property transactions. In this study, data were obtained from the Market Observation Post-System (MOPS) in Taiwan. As valuation reports could not be obtained, estimated valuations and transaction prices are used to calculate estimated premium ratio and estimated divergent ratios.Originality/valuePrevious investigations of the client effect have been conducted using qualitative methods including questionnaire surveys, in-depth interviews and experimental design. However, these studies are subject to moral hazard. This study may be the first study that has access to data on valuations for both buyers and sellers in such a formal setting.

Supreme Court Rules on the Use of Comparables Involving Different Functional Profiles

In a recent decision of 15 June 2023, the Supreme Court of the Czech Republic upheld the position of the taxpayer in a case dealing with the comparability of transactions involving different functional profiles of the same taxpayer due to a business restructuring arrangement. In the view of the Supreme Court, the tax administration failed to establish what would have been an arm’s length price in a comparable uncontrolled transaction by choosing a single uncontrolled transaction, which, in the view of the taxpayer and the Court, was not comparable to what the actual controlled transaction was.

A Multi-Agent Integrated Energy Trading Strategy Based on Carbon Emission/Green Certificate Equivalence Interaction

To meet the demand for constructing a market mechanism that adapts to the integrated energy system and promotes market-oriented reforms in the energy sector, in-depth research on integrated energy trading strategies is required. This study focused on the integrated energy trading problem and clarify the relationships among participants in the integrated energy market. A regional integrated energy system model was established that enables trading of electricity, gas, heat, and cold, and propose a integrated energy trading strategy based on the carbon emissions/green certificate equivalence interaction. Firstly, the trading process of carbon emissions and green certificates, the underlying representation of green attributes, and market transaction prices are analyzed. Combining with a tiered carbon trading system that includes rewards and penalties, a carbon emissions/green certificate equivalence interaction mechanism is constructed. Secondly, the paper utilized the flexible characteristics of loads within the industrial park to establish a integrated energy demand response model for electricity, heat, and cold. Finally, with the objective of minimizing regional operating costs, a integrated energy trading model considering the carbon emissions/green certificate equivalence interaction mechanism was developed. In the simulation, the operating cost of the system is reduced by 4%, and the carbon emission is reduced by 11.4%, which verifies the effectiveness of the model.

Indonesian “Sixth Method” on Intercompany Sales in Coal Mining Industries

The issue of transfer pricing in extractive industries, including the coal sector, has gained global attention. To mitigate the risks of inappropriate transactions and tax evasion, resource-rich countries incorporated, among others, the arm’s length principle into their legislation. Some countries use the “sixth method”, which mandates quoted prices for affiliated transactions. Indonesia’s Government Regulation No. 15 of 2022 introduces a similar approach for coal pricing, albeit with a certain hierarchical aspect. This article explores the Indonesian “sixth method” for intercompany coal sales and its interaction with existing transfer pricing rules, including potential issues that may lead to disputes.

Help the Hong Kong Second-hand Sailboat Broker Make a Big Profit

With the world economy recovering and the increasing activity in the second-hand market, the second-hand sailboat market has shown enormous potential. In order to help a Hong Kong second-hand sailboat broker better understand the market and make accurate predictions, we searched for and supplemented other relevant data on second-hand sailboats based on the given data, and established a multiple linear regression model and other models on this basis.
 In Task 1, we first supplemented the existing data by adding six variables. We then conducted data cleaning and encoding, and performed multicollinearity tests, finding that there was multicollinearity. We used the stepwise regression method for feature selection to reduce multicollinearity, and then established a multiple linear regression model and calculated the mean absolute error for different variants of sailboats. We then used the Shapiro-Wilk test method to judge the normal distribution of errors and found that the data showed a slight deviation from normal distribution. Therefore, this model could be established. The results showed that Length, Make, and Year had the greatest impact on the listing price of each sailboat, and the model had high accuracy in estimating the prices of different variants of sailboats.
 In Task 2, we conducted one-way ANOVA on the regions, calculated the intergroup differences and total dispersion of each feature, and then used classification and summarization to obtain the average prices of each feature. We found that the regions had an impact on the prices, and the regional effects were not consistent for all sailboat variants. In addition, we found differences in the lengths of second-hand sailboats in different countries, which were mostly distributed between 40ft-50ft.
 In Task 3, we first made box plots of the average prices in different geographical regions, then made radar charts of each feature in these three regions, and finally re-established a multiple linear regression model by using whether each sailboat type was sold in Hong Kong as a 0-1 variable. We found that the second-hand sailboat markets in the United States and Hong Kong were similar. The prices of sailboats in Hong Kong were generally higher than those in other regions, and their impact on Monohulled Sailboats and Catamarans was different.
 In Task 4, we calculated the average prices of second-hand sailboats in each country, visualized the data, and established a map model. We found that GDP per capita (USD) and GDP (USD billion) had significant differences in their impact on length.
 In Task 5, based on the searched second-hand sailboat transaction data in Hong Kong, we established a model for the transaction price and frequency of sailboats according to their single or double type, and found that brokers should pay attention to the main features of second-hand sailboats and successful cases in the US second-hand sailboat market, as well as the price range of sailboats.
 To improve our model, we adopted the random forest model that can handle nonlinear relationships, improve the robustness of the model, avoid overfitting, and increase prediction accuracy.

Evaluating the Stand Structure, Carbon Sequestration, Oxygen Release Function, and Carbon Sink Value of Three Artificial Shrubs alongside the Tarim Desert Highway

Currently, the ecological problems caused by the greenhouse effect are growing more serious, and implementing carbon sequestration methods is an effective way to address them. Arid and semi-arid desert areas have tremendous potential as carbon sinks, and artificial forests in these areas play an important role in absorbing and sequestering carbon dioxide. This study selected three main species of artificial protective trees along the Tarim Desert Highway—Haloxylon ammodendron (C.A.Mey.) Bunge, Calligonum mongolicum Turcz. and Tamarix chinensis Lour.—and evaluated them for their carbon sequestration, oxygen release capacity, and economic benefits using Pn (net photosynthetic rate) and biomass methods. The results showed that the average daily Pn value and carbon sequestration and oxygen release per unit leaf area of T. chinensis were significantly higher than those of H. ammodendron and C. mongolicum (p < 0.05). The total carbon storage of the three shelterbelts was 15.41 × 104 t, and the carbon storage of H. ammodendron was significantly higher than that of C. mongolicum and T. chinensis (p < 0.05). According to the net photosynthetic rate method, the annual carbon sequestration and oxygen release of the shelter forest is 6.13 × 104 t a−1, and the transaction price is CNY 13.73 million a−1. The total amount of carbon sequestration and oxygen release of the shelter forest obtained via the biomass method is 97.61 × 104 t, and the transaction price is CNY 218.77 million. This study conducted research on the carbon sequestration capacity of protective forests along the Tarim Desert Highway located in an extremely arid region. It highlights the significant contribution of these protective forests in terms of carbon storage, playing a crucial role in promoting ecological restoration and sustainable development in arid areas. Additionally, this study provides a scientific basis for estimating carbon storage and promoting the sustainable management of artificial forests in arid desert regions.

The central station in Tokyo 23 wards for land transaction prices

The central station in Tokyo 23 wards for land transaction prices

Integration and Exploration of Digital Painting and Traditional Watercolor Painting

In the 20th century, sociologist and critic Walter Benjamin affirmed that works of art became more accessible through mechanical and industrial production and lost their aura. Although paintings and sculptures have remained rarity throughout the history of art due to their uniqueness, emerging fields such as photography and design required new ways of creating value at the time. The most common solution to creating value for such art is to limit the number of versions, in other words, to oppose the reproducibility of these items. In Benjamin's thesis, the "Aura" as the only feature of the artwork will decline with the continuous development of technology. The rise of digital art at this stage just confirms this point of view, and the art form of traditional painting has encountered unprecedented challenges. Edmond Belamy, a portrait created by artificial intelligence, was successfully sold at Christie's in 2018 for a transaction price of $ 432,500. This marks that the commercial world auction organization has recognized the art produced by artificial intelligence. The fields involved include painting, architecture, and installation art. The main research question of this article is whether the aesthetic standards and values of the electronic painting are consistent with traditional painting? Especially the direction of digital painting?

Managerial decisions in syndicated lending

The syndicated lending market is one of the main financing sources for the development of the Russian economy. This article is dedicated to the processes managerial decision-making within the framework of syndicated lending transactions by borrowers, lenders and investors. Thanks to the use of market tools, borrowers get the opportunity to form an optimal structure for solving various tasks of corporate finance. Taking into account the adoption of managerial decisions by borrowers, the analysis of the following options for such decisions is presented: the choice of a bank for the role of a credit manager and the appointment of a legal adviser to the borrower. Lenders of syndicated lending transactions, making decisions on participation in transactions in the primary syndicated lending market, use the opportunity to share the specialized risks of syndicated transactions within the syndicate. Decisions that are made by the lenders include determining the commercial terms of participation in a syndicated loan in the primary market and approving these terms in accordance with the bank’s business processes. Investors active in the secondary syndicated lending market form their portfolios by making decisions regarding the following financial parameters of their transactions: the amount of the acquired/assigned interest in the syndicated lending participation and the transaction price. The paper concludes The article concludes that it is important for syndicated lending market participants to make optimal decisions, taking into account the role of market instruments in financing development projects of Russian corporations.

Pricing Mechanism and Trading Strategy Optimization for Microgrid Cluster Based on CVaR Theory

With the increasing penetration rate of renewable energy generation, the uncertainty of renewable energy output in microgrid cluster (MGC) leads to significant fluctuations in transaction volume, which may lead to the risk of transaction default. This paper proposes a day-ahead two layer trading model for microgrid cluster based on price trading mechanism and Conditional value-at-risk (CVaR) theory. Firstly, the upper-layer establishes an objective to minimize the overall power fluctuation of the microgrid cluster using Demand response (DR) with a penalty mechanism. The microgrid cluster adopts an internal pricing mechanism and adjusts transaction prices based on internal supply-demand conditions to guide microgrids’ participation in intracluster trading, thereby encouraging the microgrid to use the flexible resources to reduce power fluctuation. Secondly, the lower-layer optimization establishes an optimization model with the objective of minimizing the comprehensive operating cost of the microgrid cluster. The model employs backward scenario reduction techniques to obtain multiple sets of typical scenarios for renewable energy generation, and the CVaR theory is introduced to quantify the potential risk of transaction default. Finally, the effectiveness of the proposed models is verified through case studies considering various application scenarios.

A real time peer-to-peer energy trading for prosumers utilizing time-varying building virtual energy storage

With the increasing penetration of distributed energy resources (DER) in the electric power system, Peer-to-Peer (P2P) energy trading has become a promising paradigm for future electric power systems. Building thermal load, which is an important demand side resource, should be considered carefully in the design of a P2P trading method. In this paper, we investigate the application of building thermal energy storage capability in P2P energy trading. We aggregate and model building thermal loads as a virtual energy storage and derive a time-varying virtual energy storage system (T-VESS) model to quantify the flexibility of a building. Key parameters of T-VESS, including charging/discharging rate, energy capacity, and state of charge (SOC), are analyzed so that T-VESS can be embedded in the building prosumer model to participate effectively in electricity-oriented P2P energy trading. We propose a real time P2P energy trading method of prosumers based on model predictive control (MPC). This method consists of an energy supply and demand quantification stage and a transaction price optimization stage, which can effectively capture the time-varying nature of T-VESS. To preserve the trading preference for prosumers, we propose a distributed P2P energy trading actions implementation method based on the continuous double auction (CDA) considering multiple trading preference grades. Numerical results demonstrate that the proposed P2P energy trading method considering T-VESS can reduce the operational cost of prosumers by 3.7%, while also promoting the local integration of renewable energy by 3.1%. Furthermore, compared to existing P2P trading methods considering single preference grade, the proposed method greatly enhances the utilities of both individual prosumers and the overall community.