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Cleaning up

November 2005

Authors:

The launch of The Fleet Auction Group (Flag), which aims to remarket the used trucks is discussed. The stock of used trucks comes from leasing companies including Northgate, finance houses and direct from fleets. All of the vendors are well established companies for whom brand and reputation is important. Flag has a fervent approach to vehicle tracking, which means it keeps a record from where every vehicle comes from and every vehicle goes.

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ResearchGate has not been able to resolve any references for this publication.

Article

Committed for the long haul

May 1998

Kevin Parker

Intentia International is a Swedish enterprise resources planning (ERP) vendor that serves companies that manufactures and distributes products in discrete and process environments. It will issue a secondary stock offering of four million shares to finance further investment in its distribution strategy of working with business partners. It is one of the ERP vendors looking to bring the benefits ... [Show full abstract] of enterprise computing to mid-sized manufacturers. As for technology investments, Intentia is looking at three directions: growing its Movex product suite, acquiring appropriate ancillary products, and keeping pace with IBM advances.

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Selling Eastern Europe's Social Housing Stock: Proceed with Caution

January 1991 · Housing Policy Debate

As the countries of Eastern Europe begin to reorient their housing sectors toward the private market, many quarters are advocating selling the units in the social sector—typically about one‐fourth of the housing stock—to the tenants. Whether purchasing their units is attractive to tenants depends on the sales price, current and expected rent levels, availability and terms of financing, and the ... [Show full abstract] strength of tenant rights of occupancy. Drawing lessons from the experiences of three countries—China, Hungary, and the United Kingdom—in selling social sector rental units, this paper concludes that too much emphasis has been placed on lowering the sales price compared with changing other conditions. This practice results in a substantial loss of revenue to government and a questionable distribution of the nation's wealth.

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Art Banking

October 2015

The art trade has also provided a significant impetus for the development of art banking in an effort to bring stability and lower levels of risk to the market. Sellers can also use art as collateral to borrow money against rather than be forced to sell a work or collection at an inopportune time. The chapter provides that art-based lending can currently be broken down into two main categories: ... [Show full abstract] loans to galleries and loans to individuals. Loans structured within banking institutions house the majority of art financing by current value; however, there are also a number of boutique lenders and auction houses that carry out art financing activities. A few major auction houses also offer art-based financing and loans to assist prospective consignors in need of liquidity by lending money prior to the sale of the art in the short- or longer-term future.

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To help in President Bush's fight against the country's foreign oil dependency, Goodyear Engineered...

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R. White

Goodyear Engineered Products has introduced the first alternative fuel dispensing hose, for meeting the US's growing demand for clean burning biodiesel and E85 environmentally-friendly fuels. The alternative fuel hose will also help the government's efforts of reducing dependence on oil imports. The alternative hose developed by the company is chemically compatible with biodiesel fuels and retain ... [Show full abstract] their physical properties, after coming in contact with these fuels, without degrading. The alternative hose product also enables Goodyear Authorized Distributors, to supply service stations, without stocking additional products. The company has also announced that it will supply hose, to be used in refinery and truck dispensing operations, and biodiesel fuel transfer applications.

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Explaining the Gap between New Home Sales and Inventories

January 2000

James A. Kahn

For much of the last four decades, the stock of unsold new homes has tracked sales very closely. Since 1995, however, inventories have fallen far behind rapidly advancing sales. What accounts for the change? Market trends have both reduced the need for inventories and slowed the response of inventories to shifts in demand. At the same time, the long current expansion has strained the resources of ... [Show full abstract] the building industry, creating supply shortages and raising costs. A review of recent data from the U.S. housing sector yields a surprising finding: Although sales of new homes have surged over the last five years of the economic expansion, the stock of new homes has not kept pace. The ratio of inventory to sales, which usually rises during an expansion, has dropped to near-unprecedented lows during the current period of prosperity. In the boom years of 1986-89, the ratio followed the customary pattern, rising from 5.5 to 6.8; by contrast, from 1996 to 1999, the ratio fell from 6.0 to 4.3, and now stands at 4.1.

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Urban housing reform in China: an economic analysis

January 1991

G.S. Tolley

As part of the broad economic reforms implemented during the 1980s in China, an important program of urban housing reforms was announced in February 1988. Its aim was to introduce market mechanisms in what has so far been an administratively managed urban housing system. The purpose of this paper is to analyze some major elements of a market-oriented reform drawing on the experiments carried out ... [Show full abstract] in selected cities prior to the 1988 Reform Plan. Following a general introduction about the status and context of reform in China, the paper selects some critical issues for the introduction of market mechanisms in urban housing. First, the paper analyzes pricing and allocation reforms in the existing stock. A framework for evaluating winners and losers from rent reforms, and therefore their feasibility, is presented. The next section provides an analysis of tenure choice based on the user-cost of capital concept to show the functional relationship between rent reforms and the potential development of home ownership in Chinese cities. Such a framework is also necessary to understand the effects of reform policies, the relationship between rents and sale prices which determine the interactions between the future market for existing housing and that producing new units. Pursuing further the critical distinction between the demand for housing ownership and that for housing services, the next section evaluates the significant efficiency benefits that can be derived from allowing the free exchange and allocation of existing housing units. The final section of the paper provides suggestions to improve the present approach to housing reforms in China regarding sale prices, the setting of rents and credit conditions offered to finance housing sales. Particular stress is placed on property rights reforms to achieve maximum economic and social benefits from urban housing reform. -from Author

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Pricing of employee stock options: marketability does matter

January 2012 · International Journal of Portfolio Analysis and Management

John D. Finnerty

Portfolio managers are rightly concerned about the marketability of the investments they include in their portfolios. Equity portfolio managers are also interested in how firms estimate the cost of the stock options they pay their employees. A recent attempt to develop market pricing of employee stock options (ESOs) illustrates the discount in price, and understatement of ESO expense, that will ... [Show full abstract] result when a financial instrument has little or no marketability. This paper investigates the auction pricing of an ESO tracking security called ESOARS and furnishes evidence of auction underpricing amounting to at least 25% in each auction. The paper shows that the underpricing can be largely explained when discounts for lack of marketability based on published marketability discount models are applied to ESO prices from well-accepted ESO valuation models. It quantifies how much lack of marketability can adversely affect a security's price.

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Index participation units and the performance of index futures markets and index options markets /

January 1970

Samia. Zghidi

"August 1997" Thesis (M.Sc.Admin.)--Faculty of Commerce and Administration, Concordia University, 1997. Includes bibliographical references (leaves 112-118).

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Estimating the Need for Single Family Rehabilitation

January 2003

Data availability has been an issue in tracking changes in the con- dition of housing at the neighborhood level. Census data are of limited use, and other methods are expensive, time-consuming, and subject to bias. This paper proposes a methodology that uses variables obtained from property assessor files to develop estimates of the condition of the housing stock. The property appraiser provides ... [Show full abstract] parcel level information on housing units. The measure developed, the ratio of market value to unit value new, can be used to estimate the quantity and degree of sub- standard housing in a community. This variable implicitly incorporates other variables thought to be important in the determination of housing condition including age, size, and tenure of the unit. This study is unique in that it establishes a single measure of housing quality, it is relatively simple to implement, and it relies on data that is easy to obtain.

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Risk and Valuation Theory of Markets

January 2014 · SSRN Electronic Journal

Truc Le

Trade and commerce in financial instruments such as stocks, bonds and contingent claims with the goal of exchanging future cash flows is as old as commerce itself. Commerce would be empty and meaningless without a clear perception of risk, thus the principal questions pertaining to commerce are: What is return? What is risk? What constitutes risk? How do you quantify risks and what measurement do ... [Show full abstract] you use? In particular, whose risks do you quantify and manage? What are then the fair market value for stock, bond and contingent claims? What principles do you use to answer these questions? From the rich history of modern finance, the risk-neutral valuation theory was established. Despite the qualitative nature we argue that the theory offers no answers to the questions, consequently the theory cannot be validated and operational in real financial markets. In this article we approach the questions by exploring the definition of risk: Risk is exposure to contingency the conditions of which are uncertain - uncertainty lies in our capacity including perception, intuition, knowledge and skill to {\it identify} and {\it quantify} the material impacts of such conditions to which we are exposed. By definition we identify contingent event or claim as risk. We conjecture that there exist intrinsic risks inherent in every contingent claim, in consequence we argue and establish a new framework that offers concrete implications for the practice of risk valuation and management, the risk-subjective valuation theory.

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The Structure of Mortgage Markets in Mexico and Prospects for Their Securitization

January 1994

This article examines the current state of the Mexican housing finance market, a market characterized by high real interest rates and a severe deficit in the housing stock. The article describes the institutional structure of the Mexican housing finance markets. It notes obstacles to the free flow of capital into the market, points out high relative risks encountered within the market, and ... [Show full abstract] describes the relative lack of competition in the banking system. Finally, it considers prospects for the expansion of capital via securitization and observes impediments that restrict the development of mortgage securitization in Mexico. The article concludes that there remain in Mexico severe impediments to the securitization of mortgage credits but that these impediments are surmount- able. The worst impediments relate to the infrastructure of the credit markets. Other limitations of the market can be or are being overcome.

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Article

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One Auction or Two: Simultaneous vs. Sequential Sales in

November 2003

This paper explores whether an auctioneer can benefit by dividing his stock of items into identical lots and auctioning off the lots sequentially, rather than selling them all in one auction. As for most auction houses, the auctioneer is not a monopolistic seller who can choose how much to produce—he or she has a consignment from a seller, which he or she has to sell so as to maximize the ... [Show full abstract] expected revenue. If all bidders are not present at the start of an auction, there is an obvious reason for holding some items back. A less obvious reason has to do with the intensity of competition and it is this we focus on. The set of bidders is fixed, players are impatient and the auctioneer cannot commit not to (eventually) sell items below any reserve price announced at the beginning of the first auction. Given this framework, we show that there are parameter values under which sequential auctions are in fact better for the auctioneer. If there is uncertainty among the bidders about the total number of items available, this enables the auctioneer to do even better with a sequential auction under certain conditions.

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Cleaning up

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