The specific concepts of Islamic capital market are based on transparency, accountability, and no asymmetric information. A capital market is said to be efficient with respect to an information item if the prices of s...The specific concepts of Islamic capital market are based on transparency, accountability, and no asymmetric information. A capital market is said to be efficient with respect to an information item if the prices of securities fully impound the return implication of that item. This study has two main objectives. Firstly, for testing the efficiency of Islamic capital market which focuses on Jakarta Islamic Index （JII）. Secondly, by this research finding the regulator can make a good solution to create the real Islamic capital market. This study concludes that the Islamic capital market is not efficient in information. This is proved by test, where the result for both mean adjusted model and market adjusted model shows not significant, which means that the stock price that occurred has not been able to reflect a strong relationship with the real conditions that exist within the company. The second conclusion is the magnitude of abnormal return suggests that the market still has asymmetric information that will cause the occurrence of abnormal return. This is very unfortunate because Islamic capital market should be efficient in reflecting information transparency that could create a fair price in accordance with the real condition of the company＇s stock issuance.展开更多
In this paper, from the two economic concepts of the price elasticity of demand and the cross elasticity of demand, under the assumption that the operator＇s management goal is to obtain the profit maximization, the a...In this paper, from the two economic concepts of the price elasticity of demand and the cross elasticity of demand, under the assumption that the operator＇s management goal is to obtain the profit maximization, the author established the mathematical model of the adjustment of the optimal price of the substituting commodity.展开更多
The vertical price transmission is generally considered as the relationship between two markets of the same production chain However, we can expand this concept to another relation which has not been deeply investiga...The vertical price transmission is generally considered as the relationship between two markets of the same production chain However, we can expand this concept to another relation which has not been deeply investigated： the joint products. They are the products which are produced in a single production process, but not correspond to the same chain. An especial case is the beef and milk markets in Costa Rica. Even if these products usually correspond to disconnect chains, in Costa Rica farms make use of cattle to produce both meat and milk. The cointegration framework is applied in order to indentify the price transmission among these markets. In addition, the asymmetric behavior and structural breaks are taken into account. Price transmission between each market pair was found. First, the cattle prices adjust in the milk-cattle relationship, second, beef meat prices adjust in the cattle-beef meat and in the milk - beef meat relationship. Finally, the equations allowing for structural breaks affect the estimates in the following three ways： after the break the elasticities became higher than 1, there is more evidence of cointegration, and the adjustment coefficients are significant only when a change in the long run is allowed.展开更多
The main aim of this study is to assess various aspects of the current water policy, investigate the perspectives of water saving, evaluate water price elasticity and explore new approaches toward sustainable water ma...The main aim of this study is to assess various aspects of the current water policy, investigate the perspectives of water saving, evaluate water price elasticity and explore new approaches toward sustainable water management in the water sector, through a questionnaire survey that has been performed in the city of Volos, Greece, concerning the residential sector. The appropriate design of water management measures presupposes the investigation of the influence of some selected variables to consumers＇ behavior. The price of water, the size of the dwelling, the indoor and outdoor uses, the educational level, the income of consumers as well as rainfall and temperature levels are examined, the residential water demand curve is estimated and projections of future water demand under different pricing policies are performed.展开更多
This paper summarizes the reforms happened in the Chinese electric power sector in recent years.Although some major measures for the electricity reforms have made progress in a phase sense,including direct trading bet...This paper summarizes the reforms happened in the Chinese electric power sector in recent years.Although some major measures for the electricity reforms have made progress in a phase sense,including direct trading between major electricity producers and consumers,energy-saving power dispatch and the increase of electricity prices,the deployment of these reforms into practice is facing more difficulties than expected.The author also gives an outlook for the electric power reform in the 12th Five-Year Plan period,and deems that the government may not take substantial steps to reform the electricity system.Reforms on the electricity system will continue in a more moderate manner and focus on electricity prices.展开更多
文摘The specific concepts of Islamic capital market are based on transparency, accountability, and no asymmetric information. A capital market is said to be efficient with respect to an information item if the prices of securities fully impound the return implication of that item. This study has two main objectives. Firstly, for testing the efficiency of Islamic capital market which focuses on Jakarta Islamic Index （JII）. Secondly, by this research finding the regulator can make a good solution to create the real Islamic capital market. This study concludes that the Islamic capital market is not efficient in information. This is proved by test, where the result for both mean adjusted model and market adjusted model shows not significant, which means that the stock price that occurred has not been able to reflect a strong relationship with the real conditions that exist within the company. The second conclusion is the magnitude of abnormal return suggests that the market still has asymmetric information that will cause the occurrence of abnormal return. This is very unfortunate because Islamic capital market should be efficient in reflecting information transparency that could create a fair price in accordance with the real condition of the company＇s stock issuance.
文摘In this paper, from the two economic concepts of the price elasticity of demand and the cross elasticity of demand, under the assumption that the operator＇s management goal is to obtain the profit maximization, the author established the mathematical model of the adjustment of the optimal price of the substituting commodity.
文摘The vertical price transmission is generally considered as the relationship between two markets of the same production chain However, we can expand this concept to another relation which has not been deeply investigated： the joint products. They are the products which are produced in a single production process, but not correspond to the same chain. An especial case is the beef and milk markets in Costa Rica. Even if these products usually correspond to disconnect chains, in Costa Rica farms make use of cattle to produce both meat and milk. The cointegration framework is applied in order to indentify the price transmission among these markets. In addition, the asymmetric behavior and structural breaks are taken into account. Price transmission between each market pair was found. First, the cattle prices adjust in the milk-cattle relationship, second, beef meat prices adjust in the cattle-beef meat and in the milk - beef meat relationship. Finally, the equations allowing for structural breaks affect the estimates in the following three ways： after the break the elasticities became higher than 1, there is more evidence of cointegration, and the adjustment coefficients are significant only when a change in the long run is allowed.
文摘The main aim of this study is to assess various aspects of the current water policy, investigate the perspectives of water saving, evaluate water price elasticity and explore new approaches toward sustainable water management in the water sector, through a questionnaire survey that has been performed in the city of Volos, Greece, concerning the residential sector. The appropriate design of water management measures presupposes the investigation of the influence of some selected variables to consumers＇ behavior. The price of water, the size of the dwelling, the indoor and outdoor uses, the educational level, the income of consumers as well as rainfall and temperature levels are examined, the residential water demand curve is estimated and projections of future water demand under different pricing policies are performed.
文摘This paper summarizes the reforms happened in the Chinese electric power sector in recent years.Although some major measures for the electricity reforms have made progress in a phase sense,including direct trading between major electricity producers and consumers,energy-saving power dispatch and the increase of electricity prices,the deployment of these reforms into practice is facing more difficulties than expected.The author also gives an outlook for the electric power reform in the 12th Five-Year Plan period,and deems that the government may not take substantial steps to reform the electricity system.Reforms on the electricity system will continue in a more moderate manner and focus on electricity prices.
