Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-03-16T12:14:05Z No. of bitstreams: 1 Camila Roberta Ananias.pdf: 1607405 bytes, checksum: f9f134d9b4be38fd8bbd4004304ea2f1 (MD5) / Made available in DSpace on 2018-03-16T12:14:05Z (GMT). No. of bitstreams: 1 Camila Roberta Ananias.pdf: 1607405 bytes, checksum: f9f134d9b4be38fd8bbd4004304ea2f1 (MD5) Previous issue date: 2018-02-26 / The present study looked for how to know the impact of the Brazilian economic recessive situation, as this has influenced the pricing policy of accounting remunerations. The future of accounting in Brazil has been bringing changes regarding the virtual accounting firms that provide the service in an on-line and digital way, acting technologically with the client. The general objective was to reflect on the ways in which the market prices are priced and the technological world reality in accounting firms. The research approach was qualitative and descriptive, whose objective was to analyze the pricing characteristics used by accounting firms, the use of the questionnaire was employed. The study concluded that the accounting entrepreneur should measure in each remuneration, the hours provided, the costs involved, the margin of costs, the taxation for the definition of the price and the limit of the discount, if any. The study showed that there are accounting offices that do not have pricing criteria for their remunerations. The work has helped to alert managers of accounting firms to rethink pricing / O presente estudo procurou conhecer o impacto da situação econômica recessiva brasileira e como ela tem influenciado a política de preços dos honorários contábeis. O futuro da contabilidade no Brasil vem trazendo mudanças para as empresas contábeis virtuais que prestam serviço de modo on-line e digital, atuando tecnologicamente com o cliente. O objetivo geral foi refletir sobre formas e tendências da precificação no mercado quanto aos custos e sobre a realidade mundial tecnológica existente nas empresas de contabilidade. A abordagem da pesquisa foi qualitativa e descritiva. Para analisar as características de precificação utilizadas por empresas contábeis foi empregado o uso de questionário. A conclusão deste estudo é que o empresário contábil deve mensurar, em cada honorário, as horas prestadas, os custos envolvidos, a margem, a tributação para a definição do preço e o limite do desconto, se houver. Demonstrou que ainda existem escritórios de contabilidade que não têm critério de precificação dos seus honorários. O trabalho contribuiu para alertar gestores de empresas contábeis sobre a necessidade de repensar formas de precificação

É possível partir estritamente de Marx para definir inflação? Em que pese não haver uma definição precisa em suas obras sobre tal fenômeno – até porque, em sua época, este não era uma preocupação econômica relevante – acredita-se que seu método e formulações teóricas são as que melhor possibilitam entender a realidade econômica complexa e seus fatos constitutivos. Não haveria de ser diferente com a inflação, e ela é entendida como o processo pelo qual a moeda legal se desvaloriza e passa a expressar uma quantidade menor de valor. A moeda perde poder de compra e passa adquirir menos produtos por causa dessa corrosão. Isto se reflete num aumento do nível geral de preços. A inflação deve ser entendida por esse prisma, e para trazer uma alternativa à interpretação deste fenômeno, faz-se necessário expor inicialmente a teoria monetária de Marx. Este é o objetivo central da tese: apresentar uma possibilidade de explicação para o fenômeno da variação de preços, sobretudo a inflação, numa perspectiva orgânica e histórica, tendo por base a teoria monetária marxiana. Para tanto, é preciso: i) elucidar a possibilidade de partir da teoria do valor para compreender tal fenômeno, sem abrir mão do rigor e sem capitular à crença de que a teoria de Marx é insuficiente para explicar os fenômenos contemporâneos; ii) apresentar argumentos teóricos que interpretem o processo pelo qual a inflação se transforma de um fenômeno esporádico a um convencional, rotineiro. Trabalha-se com as seguintes hipóteses: a) que o dinheiro no capitalismo é inequivocamente mercadoria, pois só assim os trabalhos privados são socialmente validados e a magnitude do valor pode ser devidamente expressa, e; b) que a inflação se deriva da desvalorização da moeda (meio de circulação) em referência ao dinheiro, logo, acontece por razões fundamentalmente monetárias. Quando este fenômeno ganha contornos irreversíveis e permanentes, ou seja, quando suas condições históricas estão plenamente desenvolvidas, assume sua forma crônica. A conclusão é que a inflação advém de mudanças de tipo-preço, especificamente desproporções monetárias com superavit líquido, em vez de mudanças de tipo-valor, como entende a maioria das interpretações autodenominadas marxistas. / Is it possible to start from Marx to define inflation? Although there is no precise definition in his works about such phenomenon – given that, at his time, that was not a relevant economic concern – it is believed that his method and theoretical formulations are the ones that best make possible understanding the complex economic reality and its internal facts. It would not be different with inflation, understood as the process by which the legal tender currency devalues and begins to express a smaller amount of value. The currency loses purchasing power and purchases fewer products because of this corrosion. That is reflected in an increase in general price levels. Inflation must be understood by this prism and, in order to bring an alternative to the interpretation of this phenomenon, it is necessary to expose initially the monetary theory of Marx. That is the main objective of the dissertation, to present a possibility of explanation for the phenomenon of price variation, especially inflation, from an organic and historical perspective, based on Marxian monetary theory. In order to do so, it is necessary to: (i) elucidate the possibility of starting from the theory of value in order to understand this phenomenon, without abandoning rigor and without surrendering to the belief that Marx's theory is insufficient to explain contemporary phenomena; (ii) present theoretical arguments that interpret the process by which inflation is transformed from a sporadic phenomenon to a conventional and routine. We work with the following hypotheses: a) that money in capitalism is commodity, unequivocally, because only then private works are socially validated and the magnitude of value can be duly expressed; b) that inflation derives from the devaluation of the currency (means of circulation) in reference to money, so it happens for fundamentally monetary reasons, and that when this phenomenon gains irreversible and permanent contours, that is, when its historical conditions are fully developed, takes its chronic form. The conclusion is that inflation comes from price-type changes, specifically monetary disproportions with net superavit, rather than value-type changes, as most self-described Marxist interpretations understand it.

Wang, Qian. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2009. / Includes bibliographical references (p. 71-74). / Abstract also in Chinese. / Abstract --- p.i / Acknowledgement --- p.iii / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- A Review of Pricing in Internet Industry --- p.5 / Chapter 2.1 --- Static Pricing --- p.6 / Chapter 2.1.1 --- Flat-rate Pricing --- p.6 / Chapter 2.1.2 --- Usage-based Pricing --- p.7 / Chapter 2.1.3 --- Paris Metro Pricing --- p.8 / Chapter 2.2 --- Dynamic Pricing --- p.9 / Chapter 2.2.1 --- Smart-market Pricing --- p.9 / Chapter 2.2.2 --- Responsive Pricing --- p.11 / Chapter 2.2.3 --- Edge Pricing --- p.12 / Chapter 2.3 --- Comparisons --- p.14 / Chapter 2.4 --- Concluding Remarks --- p.17 / Chapter 3 --- Uplink Pricing --- p.18 / Chapter 3.1 --- Introduction --- p.18 / Chapter 3.2 --- Model Description --- p.26 / Chapter 3.3 --- Uplink Pricing in a Competitive Market --- p.36 / Chapter 3.4 --- The Cooperative Strategy with Uplink Pricing --- p.40 / Chapter 3.4.1 --- The Cooperative Case --- p.41 / Chapter 3.4.2 --- The Threat Strategy --- p.45 / Chapter 3.5 --- Further Discussion --- p.47 / Chapter 3.5.1 --- Accounting Cost --- p.47 / Chapter 3.5.2 --- Peer-to-Peer Locality --- p.48 / Chapter 3.6 --- Related Works --- p.48 / Chapter 3.7 --- Concluding Remarks --- p.49 / Chapter 4 --- Viability of Paris Metro Pricing --- p.51 / Chapter 4.1 --- The Model --- p.52 / Chapter 4.2 --- Flat-rate Pricing versus Paris Metro Pricing --- p.54 / Chapter 4.2.1 --- One-channel Flat-rate Pricing --- p.55 / Chapter 4.2.2 --- Two-Channel Identical Pricing --- p.56 / Chapter 4.2.3 --- Flat-rate Pricing versus Two-Channel Iden-tical Pricing --- p.57 / Chapter 4.2.4 --- Flat-rate Pricing versus Paris Metro Pricing --- p.59 / Chapter 4.3 --- Case Studies --- p.60 / Chapter 4.4 --- Concluding Remarks --- p.62 / Chapter 5 --- Conclusion --- p.63 / A Equation Derivation --- p.65 / Chapter A. --- l Proof for Lemma 3.3.2 --- p.65 / Bibliography --- p.71

A expansão do milho no Brasil é decorrente da mudança espaço-temporal da produção, que cria uma nova perspectiva de análise para a relação entre os preços do milho e da soja. Nesse contexto, este estudo objetiva analisar o transbordamento de risco entre esses mercados, por meio de três ensaios independentes, porém complementares. No primeiro ensaio, realiza-se uma revisão de literatura sobre a disseminação de riscos, com foco no mercado agrícola. Como estratégia de pesquisa realiza-se um levantamento de estudos publicados sobre os termos transmissão, transbordamento e contágio, que são utilizados de forma intercambiável pela literatura e que sintetizam os desdobramentos recentes no tocante à disseminação ou propagação de riscos entre mercados. No segundo ensaio, pretende-se identificar o contágio de preços dos mercados físicos e futuros de soja para o mercado de milho, com a utilização dos modelos de correlação condicional dinâmica. Os resultados indicam tanto a influência da crise financeira global de 2008 na relação entre os preços desses grãos, como mudanças nos padrões de correlação condicional entre o milho e a soja, principalmente em períodos de adversidades climáticas. Por fim, os maiores patamares de correlação condicional ocorrem na relação entre os preços físicos desses produtos, demonstrando que os agentes utilizam o conteúdo informacional presente nos preços de commodities correlatas em sua avaliação de risco. No terceiro ensaio, o transbordamento de risco é avaliado em termos de mudanças nos preços relativos de milho e soja em seus mercados físicos domésticos e futuros internacionais. Para esse fim, utiliza-se o modelo markoviano para identificar as mudanças de regime na relação de preços entre essas commodities e seu efeito sobre a estratégia de hedge. Os resultados sugerem que o comportamento das razões de preços no mercado físico doméstico e no mercado futuro externo divergem a partir de 2012. As mudanças nos regimes de preço no mercado doméstico refletem com mais intensidade o comportamento sazonal das duas safras de milho cultivadas ao longo do ano, enquanto que no setor externo, estão mais associadas às adversidades climáticas. Em termos de estratégias de hegde, a B3 consegue captar melhor o rearranjo de preços no mercado doméstico, apresentando uma elevação da razão ótima de hegde no regime de baixa (preços de soja e milho estão mais próximos). Resultado similar é obtido na CME, quando a mudança de regime de preços ocorre na razão de preços futuros. Em síntese, os resultados desse estudo evidenciam que a gestão de risco de preços não se limita apenas aos fundamentos e características de um mercado específico. Destaca-se assim a importância de se identificar fatores exógenos, presentes ou identificáveis em commodities correlatas, aperfeiçoando a estratégia de gestão de risco de preços. / The expansion of corn in Brazil is due to the spatio-temporal change in production, which creates a new perspective analysis for the price relationship between corn and soybeans. This study aims to analyze the risk of spillover between corn and soybeans markets, through three independent but complementary essays. In the first essay, a literature review on the spread of risks is carried out, focusing on the agricultural market. As a research strategy, carried out a survey of published studies on the subjects - transmission, spillover and contagion - which are used interchangeably in the literature, and summarizing the recent developments regarding the risk propagation across markets. In the second essay, we intend to identify the contagion of prices of spot and futures soybean prices for the corn market, with the use of dynamic conditional correlation models. The results indicate both the influence of the global financial crisis of 2008 on the relationship between prices of these grains and changes in the conditional correlation patterns between corn and soybeans, especially in periods of climatic adversity. Finally, the highest levels of conditional correlation occur in the relationship between the spot prices of these products, demonstrating that in their risk assessment, the agents use the informational content present in the prices of related commodities. In the third essay, risk of spillover is assessed in terms of changes in relative prices of corn and soybeans in the spot and futures markets. For this purpose, the Markov model is used to identify the regime change in the price relationship between these commodities and their effect on the hedging strategy. The results suggest that, as of 2012, the behavior of the price ratios in the domestic spot market differs from the behavior of the price ratio in the external futures market. Changes in price regimes in the domestic market respond more intensely to seasonal behavior of the two corn crops grown throughout the year, while in the external market, they are more associated with climatic adversities. In terms of hedge strategies, the B3 commodity exchange can better capture the rearrangement of prices in the domestic market, presenting an elevation of the optimal hegde ratio in the low regime (soybean and corn prices are closer). A similar result is obtained in CME, when the change in price regime occurs in the ratio of future prices. In summary, the results of this study show that price risk management is not limited to the fundamentals and characteristics of a specific market. This highlights the importance of identifying exogenous factors present or identifiable in related commodities, improving the strategy of price risk management.

Thesis (M.Sc. ( Agricultural Economics )) --University of Limpopo, 2005 / The deregulation of agricultural markets in South Africa led to the establishment of a futures market for agricultural products, which was opened in January 1995. The marketing of Agricultural products act No. 47 of 1996 was passed at the end of 1996. The new Marketing of Agricultural Products Act (Act No. 47 of 1996) in South Africa has created an environment in which farmers, traders and processors are able to react positively to transparent prices that are market related. Agricultural futures markets serve several important functions, such as price risk management, price discovery and forward pricing. Economists around the world have studied vertical and spatial price relationships, and the behaviour of price changes in futures markets using asymmetry tests. Price asymmetry results in futures markets have a number of important implications. Firstly, traditional models in time series may be slightly biased when forecasting future prices, because they assume price symmetry. Secondly, asymmetry results may imply that the weak-form efficient markets hypothesis appears to be contradicted, thus indicating that past prices do affect current prices and do contain information. Lastly, if persistent asymmetry is found in futures markets, market regulators and policy makers may wish to use asymmetric information to improve the functioning and stability of futures markets through improved price limit and margin policies. Implementing policies iv accounting for asymmetric behaviour may help avoid market crashes and sudden unexpected price adjustments adversely affecting market participants. This study tests the existence of price asymmetry in South African futures markets for white and yellow maize, wheat and sunflower seeds using a dynamic price asymmetry model. The sum of coefficients test and the speed of adjustment test are used to determine whether or not prices move up in the same fashion as they move down, over daily and weekly data frequencies. Out of the four commodity futures markets studied over varying data frequencies, only daily wheat is price asymmetric. Wheat daily prices respond faster to price decreases than to price increases. The implication of the results is that past prices do affect current prices and contain information. Hence, the weak-form efficient market hypothesis appears to be contradicted for wheat futures market. Another important implication of the results is that implementing policies accounting for asymmetric behavior through price limit and margin policies will improve the functioning and stability of wheat futures market in South Africa. / National Research Foundation, and the University of Limpopo

This paper relates openness to the decline in inflation by using panel data for six OECD (the USA, Japan, Canada, Portugal, Finland, and Australia) countries over the period from 1980 to 2006. I obtain industrial level data for twenty industries in each of the six countries in the timeframe and estimate the effects of increases in openness, through its effect on productivity and markups on inflation. The methods used to construct the variables in this paper follow methods introduced in Chen, Imbs and Scott (2004), and the estimations follow Chen, Imbs and Scott (2007). The results suggest openness reduces the rate of inflation in the short run. Furthermore, it also reduces short run productivity and markups. The long run results are ambiguous, however. The evidence that openness leads to anti-competitive effects in the long run is weak. JEL Classification: E31, F12, F14, F15, L16 Keywords: Openness, Prices, Productivity, Markups

Numerous value relevance investigations use the Ohlson (1995) model to empirically explore the value relevance of accounting variables such as earnings and goodwill amortisation by employing equity price as the dependent variable, but do not incorporate the most recent prior period’s equity price as an additional explanatory variable. The Ohlson (1995) model and the efficient market literature indicate that, since share prices represent the present value of future permanent earnings in an efficient market, the most recent prior period’s equity price should be a crucial variable for explaining the current price in value relevance models. This thesis therefore outlines how the Ohlson (1995) model incorporates the most recent prior period’s price as a potentially important value relevant explanatory variable, and reformulates the Ohlson (1995) model to demonstrate how the empirical specification of value relevance regression models can be greatly improved by including the most recent prior period’s price as an additional explanatory variable. We revisit the Jennings, LeClere, and Thompson (2001) empirical specification used to study whether goodwill amortisation is value relevant and potentially informative with respect to future earnings to illustrate the improvement to the Ohlson (1995) value relevance model empirical specification. When the model specification is improved by including the most recent prior period’s price as an additional explanatory variable, trailing earnings are shown, using time series, cross-sectional, and returns-based analysis, to be at best marginally value relevant when empirically explaining share prices in value relevance regression models. The thesis also indicates that goodwill amortisation should not be deducted from earnings in accounting statements because the presence of goodwill amortisation is significantly positively (not negatively) related to equity prices. This effect is eliminated when the most recent prior period’s price is included as an additional explanatory variable in the regression analysis, thus indicating that goodwill amortisation information as well as trailing earnings information have already been incorporated into the most recent prior period’s price. The thesis further indicates that value relevance studies that use the Ohlson (1995) model should use, for econometric reasons, change in price or else returns, not the price level, as the dependent variable. When returns are used to test the value relevance of goodwill amortisation, firms that report positive goodwill amortization actually have higher subsequent returns, a result that could possibly be due to the fact that growing firms tend to possess goodwill when they use acquisitions to expand. Results obtained when using returns to test whether goodwill amortisation is value relevant therefore extend the existing literature, since the prevailing expectation in the accounting literature is that goodwill amortization either represents a reduction in the value of goodwill over time or is not value relevant.

Despite the extent of a theoretical framework in financial market studies, a vast majority of the traders, investors and computer scientists have relied only on technical and timeseries data for predicting future prices. So far, the forecasting models have rarely incorporated macro-economic and market fundamentals successfully, especially with short-term predictions ranging less than a month. In this investigation on the predictability of certain financial markets, an attempt has been made to incorporate a un-exampled and encompassing set of parameters into an Artificial Neural Network prediction system. Experiments were carried out on three market instruments ??? namely currency exchange rates, share prices and oil prices. The choice of parameters for inclusion or exclusion, and the time frame adopted for the experimental sets were derived from the market literature. Good directional prediction accuracies were achieved for currency exchange rates and share prices with certain parameters as inputs, which consisted of predicting short-term movements based on past movements. These predictions were better than the results produced by a traditional least square prediction method. The trading strategy developed based on the predictions also achieved a higher percentage of winning trades. No significant predictions were observed for oil prices. These results open up questions in the microstructure of the markets and provide an insight into the inputs required for market forecasting in the corresponding time frame, for future investigation. The study concludes by advocating the use of trend based input parameters and suggests ways to improve neural network forecasting models.

住宅價格主要乃是由平面價差與立體價差組合，並受供、需面的交互作用競價而成，對於位在同一塊基地上的各層樓而言，亦會因不同的空間屬性組合而產生不同的價格水準；而以往的住宅研究報告多偏重於探討有關總體面與平面區位條件的差異性對價格形成的影響，卻鮮少有人針對住宅立體屬性的差異對價格的影響做進一步的深入探討。因此本研究以臺北市地區為研究範圍，探討住宅樓層間的立體價格差異是否存在？影響樓層價差現象產生的因素為何？樓層價差的產生受供給面亦或是需求面的影響較大？ 　　由於一般業者對於樓層的定價原則與消費者購屋樓層選擇的主客觀考量因素不同，因此可藉由市場實際樓層價格分佈狀況反應出市場呈現何種導向，並可為市場樓層價差之形成提供一合理之解釋。 　　茲將本研究之主要研究成果與結論略述如下： 　　一、供給面： 　　　　1.供給面訂定樓層價差主要依據乃是根據既有的區域市場供給面平均價差水準，再以產品的個體差異性（注重建物各層的空間居住條件差異程度）採評點加總法做價格上的調整，對於樓層價差的訂價方式缺乏需求面資料變動的預測與分析。 　　二、需求面（問卷調查分析結果）： 　　　　1.地區別因素與樓層間的價格差異皆不是決定居民選購樓層的主要考重因素，可見得台北市居民對於樓層的選購重視的是居住環境品質，而非價差因素。 　　　　2.居民屬性之年齡別、家庭成員組成不同皆會影響樓層之選擇。 　　　　3.最喜愛居住樓層所占百分比依次為三樓(22.2%)、五樓(12.6%)和一樓(12.2%)，二樓亦佔了百分之11.8%，其餘樓層之喜愛人數則隨著高度的增加而減少。 　　　　4.最不喜愛樓層具有一般性，集中於一、二、四樓最多。 　　　　5.喜愛樓層與選購之重視因素關係而言，低、中、高樓層之訴求明顯不同，相近樓層間之空間屬性需求則相近。 　　　　6.由消費者樓層偏好人數問卷調查結果得知，大多數的居民仍偏向於居住較低樓層，中間樓層次之，高樓層喜居人數最少，由此可知，需求面考量之安全性、可及性因素，重於舒適性因子之需求；供給面考量重心則有所不同，舒適性因子重於安全性、可及性因子之需求。 　　三、市場實證分析： 　　　　1.民國80年代初期，經檢定結果得知，樓層變數對於樓層價差形成其有顯著的影響，可見得樓層間的價差現象確實存在。 　　　　2.影響樓層價差產生的因素主要可分為居民屬性與建物屬性兩類，建物屬性則為安全性、可及性與舒適性的差異影響較顯著。 　　　　3.就樓層間的價格分佈來說，五層樓以下的樓層間價格高低關係變動幅度較大，無一定的價差模式可循，五層樓以上的住宅，樓層間的價差關係較明確，具有樓層越高，價格越高的相同趨勢，且中間樓層之價差較大，高樓層之價差幅度較小，相近樓層間的價差較平緩。 　　　　4.個別地區樓層間的實際價格差距雖然因地區與業者主觀的定價模式的不同而會有所差異，但基本上，樓層的價格高低分佈和樓層的高度有著一定的關係。 　　　　5.消費者的偏好改變，對於個別樓層的價格會有所影響，但由於消費者的議價空間有限，因此整體而言，市場價格仍是反應供給面訂定樓層價差的定價原則與方式。 　　由此可知，臺灣住宅市場本就呈現強烈的供給導向，因此樓層價差自然較符合供給面之定價原則，需求面的真實偏好對於價差的形成雖亦具有影響力，但影響效果有限。

<p>This thesis consists of an introduction and four papers exploring various aspects of the Namibian economy. These aspects cover shadow pricing, environmental valuation and capital market development in Namibia.</p><p>Paper I estimates the shadow prices of capital, labour and foreign exchange for the Namibian economy. The results suggest that the shadow price of capital for Namibia is 7.2%. The economic costs of Namibian labour, as a share of financial costs, are 32% for urban semi- and unskilled labour, and 54% for rural semi- and unskilled labour. The economic cost of foreign labour as a share of financial costs is 59%. The estimated shadow exchange rate factor is 4% for the Namibian economy.</p><p>Paper II derives a set of accounting price ratios (APRs) for the various economic sectors of Namibia by using the Semi-Input–Output (SIO) Technique. An APR is the ratio between the market or financial price and the efficiency or economic value of a specific commodity or sector, which is useful for the economic analysis of investment or development initiatives. This larger set of APRs, derived on the basis of information contained in a Namibian Social Accounting Matrix (SAM), should be useful in improving the effective appraisal of development projects and other major investment programmes in Namibia.</p><p>Paper III analyses returns and volatility on the Namibian and South African stock markets, using the daily closing indices of the Namibian Stock Exchange (NSX) and the Johannesburg Stock Exchange (JSE). The sample covers the period from 4 January 1999 to 20 March 2003. The methodology has three main parts: (i) unit root tests, (ii) cointegration analysis, and (iii) volatility modelling. The results show that the two markets exhibit very low correlations, and there is no evidence of a linear relationship between the markets. Furthermore, a volatility analysis shows evidence of no spillover effects. These results suggest that the NSX could be an attractive risk diversification tool for regional portfolio diversification in southern Africa</p><p>Paper IV studies the determinants of property prices in the township areas of Windhoek, the capital of Namibia. The work‟s major finding is that properties located close to an environmental bad (e.g. garbage dump) sell at considerable discounts. On the other hand, properties located near an environmental good (e.g. a recreational open space) sell at a premium. These results provide evidence of the importance of environmental quality in lower-income property markets in developing countries. It is important, therefore, for Namibian urban planners to incorporate environmental quality into the planning framework for lower-income areas.</p>