International Real Estate Review

2012 ◽  
Vol 15 (1) ◽  
pp. 127-139
Author(s):  
Yao-Min Chiang ◽  
Keyword(s):  
Numerical Analysis ◽  
Real Estate ◽  
Moral Hazard ◽  
Closed Form ◽  
Private Firm ◽  
Pricing Model ◽  
Fee Structure ◽  
Incentive Problems ◽  
The Relationship ◽  
Bot Project

The relationship between a government and a franchise firm in a build-operate-transfer (BOT) project is one that is wrought with incentive problems. It is well known that a contingent payment structure can help alleviate moral hazard problems. This paper provides a flexible franchise fee scheme from the perspective of a government which can charge a sufficient franchise fee and provide enough incentive for a private firm in a BOT project. This flexible franchise fee structure has option- like properties. A pricing model is derived in this paper to price this flexible franchise fee scheme. The closed-form pricing model that I have provided in this paper can help evaluate the effect of a flexible franchise fee on the performance of BOT projects. A numerical analysis shows that the proposed flexible franchise fee scheme is especially suitable for BOT projects with long investment horizons and revenue uncertainty.

HUBUNGAN BOARD DAN KOMITE AUDIT TERHADAP MANAJEMEN LABA

2010 ◽  
Author(s):  
Fivi Anggraini
Keyword(s):  
Corporate Governance ◽  
Moral Hazard ◽  
Earnings Management ◽  
Conflict Of Interest ◽  
Significant Relationship ◽  
Stock Exchange ◽  
Earning Management ◽  
Independent Directors ◽  
Relationship Of ◽  
The Relationship

Earnings management is the moral hazard problem of manager that adses because of the conflict of interest between the manager as agent and the stakeholder and the owner as principal. The behavior of earnings management will immediately influence the reported earning. The aims of this research at examining the relationship of board and audit committe to earnings management. The samples of this research is all of companies member Corporate Governance Perception Index (CGPI) in the years of 2003-2006 which were listed in Jakarta Stock Exchange. The results of this study show that (1) the proportion of independent directors on the board had not significant relationship to earning management, (2) competence of independent directors on the board had not significant relationship to earning management, (3) the size of board had significant relationship to earning management, (4) the proportion of independent directors on the audit committe had not significant relationship to earning management, and (5) competence of members of the audit committe had significant relationship to earning management.

Comprehensive Pricing Model of Urban Traffic Air Pollution Based on Bi-Level Programming

2012 ◽  
Vol 253-255 ◽  
pp. 1913-1917
Author(s):  
Ze Bin Zhao
Keyword(s):  
Air Pollution ◽  
Negative Impact ◽  
Urban Traffic ◽  
Vehicle Speed ◽  
Pricing Model ◽  
The Sustainable Development ◽  
Transport Services ◽  
Relationship Model ◽  
The Relationship

In order to reduce the negative impact of urban traffic air pollution, this paper firstly analyzes the relationship between urban traffic air pollution and vehicle speed, after providing the relationship model, the paper establishes a comprehensive pricing model of urban traffic air pollution based on bi-level programming, the model considers the traffic air pollution pricing, and includes the factors of congestion pricing, bus fee, pricing revenue redistribution on improvement of public transport services and the expansion of road capacity. The case study shows that the implementation of comprehensive pricing of urban traffic air pollution can reduce traffic pollution and unreasonable traffic flow, which is conducive to the sustainable development of the city.

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