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No description available.

No description available.

The study is primarily concerned with the verification, and subsequent explanation, of the existence of the phenomenon of new issue underpricing. The primary purposes of the research conducted in this study were to: (1) determine if investors may earn excess returns on new issues by purchasing at the prevailing market price in the immediate after-market rather than at the offer price, (2) develop a simultaneous equation model to explain underpricing, percentage cash spread, and the relationship between the two using various firm, issue, and market characteristics, and ( 3) analyze the effects of institutional constraints concerning percentage cash spread on the relationship between underpricing and percentage cash spread. The examination of excess returns indicates that efficiency prevails in the new issues market beginning with the second trading day. Therefore, investors purchasing new issues in the immediate after-market may expect to not earn excess returns. The results of the estimation of the econometric model using the entire sample of new issues does not indicate a simultaneous relationship between underpricing and cash spread. However, in order to analyze the effects of the institutional constraint on percentage cash spread, it is hypothesized that the most severely underpriced issues are most seriously affected by constraint. The sample is divided into quartiles on the basis of magnitude of underpricing and the econometric model is estimated separately for each quartile. The upper quartile exhibits a recursive relationship suggesting that percentage cash spread is first set and underpricing is adjusted accordingly to lessen risk of distribution and thereby compensate for the lower level of percentage cash spread. A simultaneous relationship does occur in the middle quartiles, but the relationship is positive indicating that higher percentage cash spread offerings also experienced greater underpricing. These results furnish evidence that new issues are affected by institutional constraints on percentage cash spread and the guidelines could be the cause of a portion of the underpricing occurring in the new issues market. / Ph. D.

Since this study is largely an analytical appraisal, its purpose is not to solve any specific problem of fluid milk marketing, but to bring into focus problems that warrant a detailed and objective analysis. The procedure followed was divided into two parts. The first phase involves a review of the literature related to the regulation and control of the production, distribution and pricing of milk. Secondly, a study of the Lynchburg, Virginia milk market was made to determine the problems that have been encountered in this particular market. In addition, some appraisal is made of the role the control program has played in the production, distribution and pricing of milk in this market. / M.S.

The hedonic approach involves determining the characteristics of a good or service that have a market price. Simultaneously, estimates of those prices are made using regression analysis. Both delivered and FOB mine prices are examined in regional U.S. markets. The steam coal contract terms examined include Btu, sulfur, and ash content; transportation cost, average annual tons delivered, start year of the contract, length of contract, buyer controlling interest in the mining operation, coal mine locations, and the individual buyers. Data for about eighty-five percent of all 1978 steam coal deliveries is utilized. The major findings were that coal price structure varies substantially across markets, from year to year, and for delivered prices and FOB mine prices. Btu is usually, but not always, the most important characteristic in explaining coal price variations. Length of contract is occasionally more important. Transportation cost and sulfur content are usually of high importance. Some buyers have a substantial impact on price because of market imperfections and poor buying practices. The regression results were robust. / Master of Arts

The purpose of this study was to explore issues related to the development of pricing strategies. Important questions addressed included the importance of this topic and a description of how prices are set or why prices are set. Also, the concern of whether these issues are general across major types of pricing decisions, or specific to certain pricing decisions was investigated. Particularly, this study reviewed the descriptive survey research or case studies that have been done to determine how businesses make price decisions, and their key pricing policies and procedures. While Korea is recognized as one of the most rapidly industrializing countries, marketing and marketing research have not been fully developed, and, furthermore, there has been little research on pricing. Therefore, this study reports on a survey with 303 Korean business people about their pricing attitudes and practices in order to obtain information about Korean businesses and help them improve their pricing strategies by suggesting ideas based on price theory and previous price research. The basic results of the survey indicate that although pricing has been generally recognized as an important area in marketing by Korean business people, it has not been examined as a way to influence demand in advanced market environments. While it is revealed that Korean consumers are price sensitive and Korean business situations are competitive, Korean businesses seem to have offered similar products with a relatively rigid pricing approach based on production costs. Their pricing strategies appear not to be related to the other elements of the marketing mix. However, promotional pricing, mainly as discounts, was regarded to be important to gain a competitive edge. In terms of actual price setting in industry and firms, many Korean businesses assume the characteristics of a price taker rather than price maker. Their primary short run pricing objective was to meet existing competition. However, the major basis of their pricing policies was either competitive situation or pricing what the market will bear. This study provides a general view on the type of issues that should be considered in pricing, and evaluates the pricing practices of Korean businesses in comparison to those of more advanced countries. The study is also of value to Korean business people because it offers them information on how prices are set in various industries, and the attitudes and opinions of business people about the pricing function. / Master of Science

This research quantifies specific cash price premiums and discounts associated with various characteristics of slaughter cattle in Virginia. Econometric models of Virginia slaughter cattle basis were developed for each practical combination of sex and market by differentials in weight, grade, breed, lot size, order of sale of a particular lot, number of cattle in a particular sale, and a seasonal indicator based on the Chicago Mercantile Exchange (CME) live cattle futures contract month. Explanatory models were found to account for 41 to 64 percent of the variation in slaughter cattle basis for steers and 35 to 47 percent of the variation in slaughter cattle basis for heifers. Results explain over 30 percent more of basis variation than previous research. These basis estimates reduce basis error and hedging risk and potentially offer Virginia cattlemen the means to initiate effective slaughter cattle hedging programs. Furthermore, the implementation of a forward pricing agency which uses estimated basis values may provide alternatives to facing basis risk when selling slaughter cattle in Virginia. An analysis of basis risk provides some indication of the magnitude of possible exposure facing the average Virginia cattleman when making hedging decisions based on estimation procedures as defined herein. The formation of a forward pricing agency should be contingent upon further analyses of basis risk as outlined in this research. Investigation of basis estimate residuals concluded that more variability is present as time to contract maturity increases. This information should prove valuable for those involved in trading options on live cattle futures as options expire one month prior to their respective futures contracts. / Master of Science

This study verifies previous econometric research which found that spreadsheet prices, when adjusted for quality improvement, decline over the period 1986-1993. New econometric work is presented for prepackaged word processing software. Using objective criteria for variable selection, the model yields declining quality-adjusted prices for word processing software over the period 1985-1994. / Master of Arts

The primary purpose of this thesis was to familiarize the writer with some of the factors to be considered in a study of wheat prices. It seemed advisable to survey the subject rather than concentrate study on a particular phase. Therefore, the material presented herein includes elements beyond the scope of strict wheat price analysis. Consideration has been given to the following topics: aspects relating to a study of prices, causation of prices, the marketing of wheat, price determination in the marketing process, wheat prices and the general price level, devaluation and the price of wheat in five countries, the relation of supply and production to price, differential price behavior among the classes of wheat, seasonal variation in wheat prices, prices of wheat products, international trade in wheat, foreign, agricultural policies in regard to wheat, and wheat production. / Master of Science