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Price Differentials (price + differential)
Selected AbstractsPrice Differentials between Dual-class Stocks: Voting Premium or Liquidity Discount?EUROPEAN FINANCIAL MANAGEMENT, Issue 3 2003Robert Neumann G32; G34 Abstract A series of papers suggest that private benefits can explain the price differentials between stock classes carrying different voting rights. However, in Denmark the premium is negative for several firms over long periods. This indicates that in the absence of takeover contests, where the voting right becomes crucial in a transfer of corporate control, the price differential in stock classes with identical dividend rights is more likely to reflect investors' liquidity risks. Whereas the existing literature tends to focus primarily on corporate control-related explanations, this paper documents the impact of liquidity on price spreads between dual-class shares. [source] Price increase causes fewer sales of factory-made cigarettes and higher sales of cheaper loose tobacco in GermanyHEALTH ECONOMICS, Issue 6 2008Reiner Hanewinkel Abstract Aim of this study is the analysis of the price responsiveness of demand for cigarettes and loose tobacco in Germany over the period 1991,2006. In this period the average consumption of all kinds of cigarettes per capita (German population , 15 years) declined from 634 pieces/quarter to 457pieces/quarter (,28%). Consumption of factory-made cigarettes decreased from about 545 pieces/quarter to 330 pieces/quarter in 2006 (,39%). In the same time consumption of self-made cigarettes increased from 89 pieces/quarter to 127 pieces/quarter (+42%). A one Euro Cent increase in price is associated with 28 cigarettes of all kinds consumed less per quarter. Data indicate that the different types of cigarettes are substitutes, e.g. there is evidence for a positive relationship between the price of factory-made cigarettes and the consumption of hand-made cigarettes. Thus, the increase in such consumption is rather driven by a positive cross-price effect of 17.01. Data indicate additionally an overall decrease in the cigarette consumption and a partial switch to cheaper loose tobacco. The availability of low-taxed loose tobacco may undermine the public health benefits of higher cigarette prices. Price differentials between tobacco products should be reduced in order to maximize the public health benefits of high cigarette prices. Copyright © 2007 John Wiley & Sons, Ltd. [source] StarLink: Impacts on the U.S. corn market and world tradeAGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 4 2003William Lin StarLink disrupted the U.S. corn market during the 2000/01 marketing year as a result of inadvertent commingling. The potential, upper-bound volume of marketed StarLink-commingled corn from the 2000 crop located near wet and dry millers prior to October 1, 2000, is estimated at 124 million bushels. The percentage of corn shipments that tested positive mostly ranged from 5 to 10%, varying by mode of transportation. Price differentials between StarLink-commingled and StarLink-free corn commonly ranged between 7 and 12 cents per bushel during the early stage of the incident. These differentials eroded quickly due largely to Aventis' compensation of additional transportation costs when StarLink-commingled shipments had to be rerouted to approved uses. While StarLink had a negative impact on U.S. corn exports, most of the reductions in exports to Japan and South Korea during the period from November 2000 through March 2002 were due to increased competition from rival exporters. [EconLit citations: Q130, Q170]. © 2003 Wiley Periodicals, Inc. Agribusiness 19: 473,488, 2003. [source] Price Differentials between Dual-class Stocks: Voting Premium or Liquidity Discount?EUROPEAN FINANCIAL MANAGEMENT, Issue 3 2003Robert Neumann G32; G34 Abstract A series of papers suggest that private benefits can explain the price differentials between stock classes carrying different voting rights. However, in Denmark the premium is negative for several firms over long periods. This indicates that in the absence of takeover contests, where the voting right becomes crucial in a transfer of corporate control, the price differential in stock classes with identical dividend rights is more likely to reflect investors' liquidity risks. Whereas the existing literature tends to focus primarily on corporate control-related explanations, this paper documents the impact of liquidity on price spreads between dual-class shares. [source] TIEBOUT DYNAMICS: NEIGHBORHOOD RESPONSE TO A CENTRAL-CITY/SUBURBAN HOUSE-PRICE DIFFERENTIAL,JOURNAL OF REGIONAL SCIENCE, Issue 4 2007Paul Thorsnes ABSTRACT We take advantage of an unusual natural experiment,a high-quality 1920s subdivision split neatly in half by a central-city/suburban boundary,to study the response over 30 years to the relative decline in the quality of central-city services since the 1960s. As expected, a large sale price differential opens in the 1960s. Demographic characteristics are nevertheless similar across the boundary. Survey data indicate Tiebout sorting: the central city side attracts households who prefer alternatives to suburban public schools. Children attend parochial and public "magnet" schools. A neighborhood association supplements municipal services. Rigid service district boundaries inhibit closure of the house-price differential. [source] Why Do Mortgage Markets Matter?ECONOMIC OUTLOOK, Issue 4 2000Geoffrey Meen 1999 saw the return of large scale mortgage equity - ie mortgage borrowing to finance consumption rather than house purchase - for the first time for a decade. Recent developments of the OEF macroeconometric model of the UK economy have focused on the determination of mortgage lending, looking in particular at the impact of downpayment constraints - ie the deposit borrowers have to put down when they buy a house. In this article, Geoffrey Meen uses this model to analyse the effects of mortgages on: (i) the cycle in the UK housing market at a national level; (ii) regional house price differentials; and (iii) aggregate savings and consumer behaviour. [source] Price Differentials between Dual-class Stocks: Voting Premium or Liquidity Discount?EUROPEAN FINANCIAL MANAGEMENT, Issue 3 2003Robert Neumann G32; G34 Abstract A series of papers suggest that private benefits can explain the price differentials between stock classes carrying different voting rights. However, in Denmark the premium is negative for several firms over long periods. This indicates that in the absence of takeover contests, where the voting right becomes crucial in a transfer of corporate control, the price differential in stock classes with identical dividend rights is more likely to reflect investors' liquidity risks. Whereas the existing literature tends to focus primarily on corporate control-related explanations, this paper documents the impact of liquidity on price spreads between dual-class shares. [source] Station level gasoline demand in an Australian market with regular price cycles,AUSTRALIAN JOURNAL OF AGRICULTURAL & RESOURCE ECONOMICS, Issue 4 2009Zhongmin Wang Regular and frequent gasoline price cycles are being observed in many Australian and Canadian markets. What is driving these price cycles has been the subject of academic studies and government investigations. The existing explanations for these price cycles all rely on the presumption that drivers are intensively sensitive to gasoline price differentials at the station level. However, no empirical evidence exists in the literature to support this presumption. This paper provides the first piece of empirical evidence. This paper uses a unique price and quantity data set and novel instruments to estimate the station level gasoline demand in the cycling market of Perth, Australia. The elasticity estimates confirm that drivers in the Perth area are indeed very sensitive to gasoline price differentials. 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