scholarly journals THE OPTIMUM FOREST ROTATION

1967 ◽  
Vol 43 (2) ◽  
pp. 178-195 ◽  
Author(s):  
P. H. Pearse
Keyword(s):  
Interest Rate ◽  
Economic Factors ◽  
Theoretical Formulation ◽  
Factors Influencing ◽  
Additional Costs ◽  
The Interest Rate ◽  
Forest Rotation

The basic factors influencing the optimum economic rotation are analysed and explained. A simple theoretical formulation of solution of the optimum rotation is described using elementary economic concepts, and its application is demonstrated. The solution is presented in a form which facilitates examination of the effects of various economic factors — the interest rate, additional costs, and silvicultural activities — on the optimum rotation.

Office properties through the interest cycle

2016 ◽  
Vol 34 (5) ◽  
pp. 432-456 ◽  
Author(s):  
Jonas Hahn ◽  
Verena Keil ◽  
Thomas Wiegelmann ◽  
Sven Bienert
Keyword(s):  
Interest Rate ◽  
Impulse Response ◽  
Economic Sustainability ◽  
Economic Factors ◽  
Sudden Increase ◽  
Content Type ◽  
Vector Autoregressive ◽  
Interest Level ◽  
The Interest Rate ◽  
The Impact

Purpose – The purpose of this paper is to estimate the impact of changes in macro-economic conditions going forward, focusing on a change in interest policy, with regard to office letting and investment markets. Design/methodology/approach – For this analysis, the authors constructed two vector-autoregressive models, measuring the response of office rents and capital values in Germany to economic impulses. The authors isolated effects of unique exogenous positive shocks (such as economic growth or interest leaps) on the basis of impulse-response functions in order to understand the complex dynamic interdependence between several economic factors and office performance changes. Findings – The authors initially find a moderately positive development of both office performance components even although supposing an increase in interest level. In terms of capital values, the authors find that they do not drop before 1.5 years after the interest impulse and the negative effect peaks after approximately nine quarters. Furthermore, the reaction to a change in GDP is significantly lower than a reaction to the interest rate, but impulses in other macro-economic factors provoke stronger reactions. Finally, the authors find that a positive interest shock leads to a comparably robust development and economic sustainability in office rents throughout a consideration horizon of 24 quarters. Research limitations/implications – Estimations are based on observations from a time period containing two rather extraordinary market phases. As they included bubble growth and the low-interest environment, the authors find that certain patterns in both phases neutralize each other when looking at the total time frame. The authors constructed sub-samples to compensate for this. However, the research does not provide to what extent the measured impulse-responses stay forecast-proof, if the market moves into a phase of short-term normalization. Practical implications – This paper provides insights into estimated impulse-response patterns on a hypothetical sudden increase of several macro-economic determinants. On this basis, the probable reaction to an increase in, for example, the interest rate level can be approximated. Also, the paper provides a fundamental understanding of the economic sustainability of German office properties in terms of their value and rent performance in the case of exogenous shocks. Originality/value – This paper contains the first vector-autoregressive, impulse-response analysis of office markets in Germany in the context of several macro-economic drivers, including the interest level. It delivers insights into market reaction patterns on the basis of simulated one standard deviation shocks in all included variables.

scholarly journals Factors Influencing the Customer Switching Behaviour in Investment Banking

2020 ◽  
Vol 4 (1) ◽  
pp. 23-40
Author(s):  
Salawati Sahari ◽  
Nur Afiqah Othman ◽  
Shaharuddin Jakpar ◽  
Esmie Obrin Nichol
Keyword(s):  
Regression Analysis ◽  
Interest Rate ◽  
Service Quality ◽  
Prospect Theory ◽  
Investment Banking ◽  
Information Need ◽  
Factors Influencing ◽  
Switching Behaviour ◽  
Customer Switching ◽  
The Interest Rate

This study examines the factors that influence the customer switching behaviour especially in banks. The data was collected through questionnaires distributions to the respondents who were drawn from the customers who have investment account between Tabung Haji and Amanah Saham Nasional Berhad (ASNB) account banks in Malaysia.  In order to test the hypotheses, the multiple regression analysis was applied in this study, as predicted from the prospect theory. It was discovered that the reputation, service quality, distance, switching cost, price, involuntary switching, advertising as well as religious belief were not significant driver to the switching behaviour among the bank customers in Malaysia. Based on the findings of this study, it was recommended that bank manager should focus on service quality and also give undivided attention to the price. Therefore, the interest rate charged or fees ought to be followed up while adequate, timely information need to be given to the customers on reasons for change.

scholarly journals An Investigation Of Dynamic Dividend Behavior In Korea

2011 ◽  
Vol 10 (6) ◽  
pp. 21 ◽  
Author(s):  
Jinho Jeong
Keyword(s):  
Interest Rate ◽  
Stock Exchange ◽  
Firm Characteristics ◽  
Firm Level ◽  
Controlling Shareholders ◽  
Dividend Payments ◽  
Factors Influencing ◽  
Theoretical Predictions ◽  
Dividend Smoothing ◽  
The Interest Rate

The principal objective of this study was to assess the dynamic dividend behavior of firms in Korea. Specifically, this study tests the presence of dividend smoothing and identifies the firm-level factors influencing the degree of dividend smoothing. For this purpose, 299 firms listed on the Korea Stock Exchange over a 26-year period, from 1981 to 2006, were investigated.The empirical results of this study demonstrate that Korean firms made dividend payments which were quite closely related to the average interest rate over the sample period. A change in dividend payments is less likely to reflect a change in the fundamentals of Korean companies. Instead, it appears to be related significantly to movements in the interest rate. This study also finds that the majority of Korean firms pay smoothed dividends. However, the degree of dividend smoothing in Korean firms was determined to be lower than that observed in US firms. In addition, the results demonstrate that the longterm target payout ratio is significantly lower than the observed payout ratio. The results indicate that Lintners dividend smoothing model does not explain the dynamic dividend behavior in Korea.The theoretical determinants of dividend smoothing were assessed by regressing the degree of dividend smoothing of firms against the firm characteristics. The results show that riskier firms tend to pay more smoothed dividends, thus supporting the prediction previously made by Kumar (1988). However, contrary to the theoretical predictions, our results find that larger and older firms are more likely to smooth dividends in Korea. Controlling shareholders ownership, growth, and financial slack all appear to exert insignificant effects on the degree of dividend smoothing. The results suggest that the information and agency theories of dividend smoothing do not explain the dynamic dividend policy of Korean firms.

scholarly journals Additional costs to Finnish dairy farms due to occupational safety and health

1988 ◽  
Vol 60 (2) ◽  
pp. 81-86
Author(s):  
Tapio Klen
Keyword(s):  
Interest Rate ◽  
Annual Cost ◽  
Occupational Safety ◽  
Dairy Farms ◽  
Maintenance Cost ◽  
Present Value ◽  
Total Cost ◽  
Safety And Health ◽  
Additional Costs ◽  
The Interest Rate

The additional costs incurred by work safety measures to dairy farms were estimated by interviewing 95 dairy farmers and inspecting with them production buildings, machines and the need for personal protective devices at a commune. The present value of the implemented safety and health improvements rose to FIM 22 000 per farm in 1983. About FIM 17000 were due to the tractors, FIM 3 000 to the cow houses and FIM 2 000 to other machines and tools than tractors. The protective equipment of tractors caused the annual maintenance cost of FIM 4 350 and cow house FIM 650, if the interest rate were 10 %. The annual total cost was over FIM 6 000. The replacement value would have been about FIM 31 000 in 1983. If all deficiences still remaining in 1983 had been corrected at once, the total cost would have been about FIM 12000 per farm, which leads to an annual cost of FIM 3 100. As for still remaining deficiencies, the study suggested need for an annual cost of about FIM 1 500 due to personal protectors. Half of this sum was due to need for the acquisition of personal safety equipment for forest work. Correcting the safety and health deficiencies of the cowshed and agricultural machines would produce each an annual cost of about FIM 800 per farm. The present value of the labor protection investments in 1983 was FIM 22 000 per farm, and there still remained need to invest an additional FIM 12000 in order to eliminate the remaining deficiencies. So, the theoretical total of the annual maintenance cost would have been FIM 6 600—9 200 per farm depending on the interest rate. Because the study concerned only one commune, the results cannot be generalized to the whole country.

The Role of Different Channels in Transmitting Monetary Policy into Output and Price in Vietnam

2015 ◽  
pp. 20-40
Author(s):  
Vinh Nguyen Thi Thuy
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rate ◽  
Money Supply ◽  
Monetary Transmission ◽  
Impulse Response Functions ◽  
Short Run ◽  
The Exchange Rate ◽  
The Interest Rate ◽  
Interest Rate Channel

The paper investigates the mechanism of monetary transmission in Vietnam through different channels - namely the interest rate channel, the exchange rate channel, the asset channel and the credit channel for the period January 1995 - October 2009. This study applies VAR analysis to evaluate the monetary transmission mechanisms to output and price level. To compare the relative importance of different channels for transmitting monetary policy, the paper estimates the impulse response functions and variance decompositions of variables. The empirical results show that the changes in money supply have a significant impact on output rather than price in the short run. The impacts of money supply on price and output are stronger through the exchange rate and credit channels, but however, are weaker through the interest rate channel. The impacts of monetary policy on output and inflation may be erroneous through the equity price channel because of the lack of an established and well-functioning stock market.

DETERMINAN INFLASI DI INDONESIA PERIODE 1980-2015

2016 ◽  
Vol 21 (1) ◽  
pp. 1-7
Author(s):  
Risna Risna
Keyword(s):  
Interest Rate ◽  
Interest Rates ◽  
Money Supply ◽  
Government Spending ◽  
Positive Impact ◽  
Secondary Data ◽  
Quantitative Approach ◽  
State Spending ◽  
Factors Affecting ◽  
The Interest Rate

This study aims to determine the effect of government spending, the money supply, the interest rate of Bank Indonesia against inflation.This study uses secondary data. Secondary data were obtained directly from the Central Bureau of Statistics and Bank Indonesia. It can be said that there are factors affecting inflationas government spending, money supply, and interest rates BI. The reseach uses a quantitative approach to methods of e-views in the data. The results of analysis of three variables show that state spending significantand positive impact on inflationin Indonesia, the money supply significantand negative to inflationin Indonesia, BI rate a significantand positive impact on inflation in Indonesia

Insurance Companies and the Interest Rate

1953 ◽  
Vol 9 (4) ◽  
pp. 15-17
Author(s):  
Shelby Cullom Davis
Keyword(s):  
Interest Rate ◽  
Insurance Companies ◽  
The Interest Rate

Analyzing the financial and economic momentum as a result of changes in the interest rate

2020 ◽  
Vol 16 (9) ◽  
pp. 1656-1673
Author(s):  
V.V. Smirnov
Keyword(s):  
Interest Rate ◽  
Natural Gas ◽  
Central Bank ◽  
Crude Oil ◽  
Oil Prices ◽  
Global Capitalism ◽  
Positive Effects ◽  
Russian Economy ◽  
Oil And Natural Gas ◽  
The Interest Rate

Subject. The article discusses financial and economic momenta. Objectives. I determine financial and economic momenta as the interest rate changes in Russia. Methods. The study is based on a systems approach and the method of statistical analysis. Results. The Russian economy was found to strongly depend on prices for crude oil and natural gas, thus throwing Russia to the outskirts of the global capitalism, though keeping the status of an energy superpower, which ensures a sustainable growth in the global economy by increasing the external consumption and decreasing the domestic one. The devaluation of the national currency, a drop in tax revenue, etc. result from the decreased interest rate. They all require to increase M2 and the devalued retail loan in RUB, thus rising the GDP deflator. As for positive effects, the Central Bank operates sustainably, replenishes gold reserves and keeps the trade balance (positive balance), thus strengthening its resilience during a global drop in crude oil prices and the COVID-19 pandemic. The positive effects were discovered to result from a decreased in the interest rate, rather than keeping it low all the time. Conclusions and Relevance. As the interest rate may be, the financial and economic momentum in Russia depends on the volatility of the price for crude oil and natural gas. Lowering the interest rate and devaluing the national currency, the Central Bank preserves the resource structure of the Russian economy, strengthens its positions within the global capitalism and keeps its status of an energy superpower, thus reinforcing its resilience against a global drop in oil prices.

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