scholarly journals Asset Prices, Substitution Effects, and the Impact of Changes in Asset Stocks

10.3386/w0566 ◽  
1980 ◽  
Author(s):  
Carl Walsh
Keyword(s):  
Asset Prices ◽  
Substitution Effects ◽  
The Impact ◽  
Asset Stocks

Comprehensive Effects of Short-Term Rental Platforms Across Hotel Types in U.S. and International Destinations

2021 ◽  
pp. 193896552110335
Author(s):  
John W. O’Neill ◽  
Jihwan Yeon
Keyword(s):  
Service Providers ◽  
Comprehensive Analysis ◽  
Competitive Market ◽  
Substitution Effects ◽  
Short Term ◽  
Hotel Performance ◽  
The World ◽  
Different Types ◽  
Location Type ◽  
The Impact

In recent years, short-term rental platforms in the lodging sector, including Airbnb, VRBO, and HomeAway, have received extensive attention and emerged as potentially alternative suppliers of services traditionally provided by established commercial accommodation providers, that is, hotels. Short-term rentals have dramatically increased the available supply of rooms for visitors to multiple international destinations, potentially siphoning demand away from hotels to short-term rental businesses. In a competitive market, an increase in supply with constant demand would negatively influence incumbent service providers. In this article, we examine the substitution effects of short-term rental supply on hotel performance in different cities around the world. Specifically, we comprehensively investigate the substitution effects of short-term rental supply on hotel performance based on hotel class, location type, and region. Furthermore, we segment the short-term rental supply based on its types of accommodations, that is, shared rooms, private rooms, and entire homes, and both examine and quantify the differential effects of these types of short-term rentals on different types of hotels. This study offers a comprehensive analysis regarding the impact of multiple short-term rental platforms on hotel performance and offers both conceptual and practical insights regarding the nature and extent of the effects that were identified.

scholarly journals Spillover Effect of Global Financial Cycle To Asset Markets in Asean-5 Countries: A Structural VAR Approach

2018 ◽  
Vol 2 (02) ◽  
pp. 1
Author(s):  
Sri Andaiyani ◽  
Telisa Aulia Falianty
Keyword(s):  
Risk Aversion ◽  
Capital Flows ◽  
Asset Prices ◽  
Emerging Market ◽  
Structural Var ◽  
Asset Markets ◽  
Equity Prices ◽  
Financial Cycle ◽  
Property Prices ◽  
The Impact

<p><em>An upsurge and volatility of capital flows to Emerging Asian Economies indicated that there is the potential effect of global financial cycle to emerging market. It provides an overview of investor risk aversion in short term investment after financial crisis 2008. Global financial cycle could have a significant impact to asset prices, including equity prices and property prices. Rey (2015) has triggered an interesting discussion about global financial cycle. She found that there was a global financial cycle in capital flows, asset prices and credit growth. This cycle was co</em><em>‐</em><em>moves with the VIX, a measure of uncertainty and risk aversion of the markets. Therefore, this study attempts to analyze empirically global financial cycle shocks, measured by the VIX, on equity prices and property prices in ASEAN-5, namely Indonesia, Malaysia, Singapore, Thailand and Philippines. We estimate quarterly frequency data from Q1 1990 to Q2 2016 with Structural Vector Autoregressive (SVAR) approach. The result of this study showed that global financial cycle has a negative significant impact on the ASEAN-5 asset markets, in spite of the response of shock differs by country and size. This result is consistent with ASEAN-5 as small open economies that remain vulnerable to the global factor. This study contributes to the literature in several ways. First, we identify not only cyclical expansions or contraction in asset markets but also the impact of global financial cycle to asset markets in ASEAN-5 countries. Second, we investigate whether there are heterogeneous responses of ASEAN-5 countries to global financial cycle shocks. Third, we also identify the pattern of cycle in ASEAN-5 countries</em>.</p><p><strong><em>J</em></strong><strong><em>EL Classification: </em></strong>F30, F37, F42</p><strong><em>Keywords: </em></strong><em>ASEAN, Asset Markets, Global Financial Cycle, SVAR</em>

scholarly journals Monetary Policy Effects on Energy Sector Bubbles

Energies ◽  
2019 ◽  
Vol 12 (3) ◽  
pp. 472
Author(s):  
Petre Caraiani ◽  
Adrian Călin
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Asset Prices ◽  
The United States ◽  
Energy Sector ◽  
Monetary Policy Shocks ◽  
Policy Shocks ◽  
The Difference ◽  
The Interest Rate ◽  
The Impact

We investigate the effects of monetary policy shocks, including unconventional policy measures, on the bubbles of the energy sector, for the case of the United States. We estimate a time-varying Bayesian VAR model that allows for quantifying the impact of monetary policy shocks on asset prices and bubbles. The energy sector is measured through the S&P Energy Index, while bubbles are measured through the difference between asset prices and the corresponding dividends for the energy sector. We find significant differences in the impact of monetary policy shocks for the aggregate economy and for the energy sector. The findings seem sensitive to the interest rate use, i.e., whether one uses the shadow interest rate or the long-term interest rate.

Enrolling in Higher Education: The Impact of Regional Mobility and Public-Private Substitution Effects

2020 ◽  
Vol 54 (1) ◽  
pp. 183-197
Author(s):  
Diogo Lourenço ◽  
Carla Sá ◽  
Orlanda Tavares ◽  
Sónia Cardoso
Keyword(s):  
Higher Education ◽  
Substitution Effects ◽  
Regional Mobility ◽  
The Impact

The drivers, trends and dietary impacts of non-nutritive sweeteners in the food supply: a narrative review

2020 ◽  
pp. 1-24
Author(s):  
Cherie Russell ◽  
Carley Grimes ◽  
Phillip Baker ◽  
Katherine Sievert ◽  
Mark A. Lawrence
Keyword(s):  
Food Supply ◽  
Sugar Content ◽  
Substitution Effects ◽  
Added Sugar ◽  
Environmental Interventions ◽  
Added Sugars ◽  
Product Categories ◽  
Nutrition Policies ◽  
The Impact ◽  
Whole Foods

Abstract Poor diets, including excess added sugar consumption, contribute to the global burden of disease. Subsequently, many nutrition policies have been implemented to reduce added sugar intake and improve population health, including taxes, education, labelling and environmental interventions. A potential consequence of these policy actions is the substitution of added sugars with non-nutritive sweeteners (NNS) in a variety of foods and beverages. NNS are used to reduce the energy and sugar content of foods and beverages while maintaining their palatability. Evidence of the toxicological risks of NNS is inconsistent, though concerns have been raised over the potential substitution effects of ultra-processed foods containing NNS for whole foods. This review aimed to provide an overview of current NNS food supply and consumption patterns, assess added sugar-reduction policies and their impact on NNS, and determine the impact of NNS on food choice, energy intake and diet quality. NNS are widely available in a variety of products, though most commonly in carbonated beverages, dairy products, confectionery, table-top sweeteners and fruit drinks. However, the longitudinal trends of different product categories, and differences between geographies and economy-income levels, require further study. Few studies have examined NNS consumption trends globally, though an increase in NNS consumption in beverages has been observed in some regions. Research examining how the increased availability of low-sugar, NNS-containing products affects global dietary patterns is limited, particularly in terms of their potential substitution effects.

scholarly journals Population Aging, Household Savings and Asset Prices: A Study Based on Urban Commercial Housing Prices

2019 ◽  
Vol 11 (11) ◽  
pp. 3194 ◽  
Author(s):  
Shihong Zeng ◽  
Xinwei Zhang ◽  
Xiaowei Wang ◽  
Guowang Zeng
Keyword(s):  
Asset Prices ◽  
Negative Impact ◽  
Interaction Analysis ◽  
Population Aging ◽  
Housing Prices ◽  
The Elderly ◽  
Dependency Ratio ◽  
Household Savings ◽  
Savings Rate ◽  
The Impact

Currently, China’s aging population, high savings rate and high housing asset prices coexist, which has become a hot issue in academic research. First, considering the life-cycle hypothesis and overlapping generations model, asset prices are negatively correlated with the population dependency ratio and positively correlated with household savings. Second, based on census data from prefecture-level cities, a pooled regression model and two-stage least squares (2SLS) are used in this empirical research. The child dependency ratio was found to have a significant negative impact on housing prices, while the elderly dependency ratio had a positive impact on housing prices. The positive relationship between household savings and housing prices is highly significant. Finally, the interaction analysis shows that the impact of population aging on housing prices differs under different levels of household savings; thus, population aging affects housing prices through household savings, and the mediator dilutes and weakens this impact. The elderly generation’s release of savings could gradually inhibit housing prices. Population aging causes long-run downside risks but not a market meltdown.

scholarly journals Quantitative Easing in the Euro Area: The Dynamics of Risk Exposures and the Impact on Asset Prices.

2016 ◽  
Author(s):  
Ralph S. J. Koijen ◽  
Francois Koulischer ◽  
Benoot Nguyen ◽  
Motohiro Yogo
Keyword(s):  
Euro Area ◽  
Asset Prices ◽  
Quantitative Easing ◽  
The Impact
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