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The circular economy has become a promising solution to electronic product reuse. The advanced technology of Industry 4.0 drives the recycling platform (RP) to carry out a variety of new business modes, which are important ways to realise a circular economy. In this article, we consider a monopolistic RP under trade-in for new mode, leasing mode, or their mixed mode, respectively. We develop a discrete-time game with infinite periods and use the Markov decision and Bellman equation to obtain the consumer's perfect equilibria consumption strategies. By comparing different modes under RP's profits, consumer surplus, and environment impact perspectives, we find that when the durability of leased refurbished product exceeds that of the resold refurbished ones, the mixed mode is better than the trade-in for new mode, which can achieve more platform profits, more consumer surplus, and less environment impact. By considering the three perspectives together, the mixed mode is not always better than the other two modes. The mixed mode is optimal only when the durability of leased refurbished one is relatively high. We also conduct extensive numerical research, show optimal service mode under three perspectives, and extend the effects of different qualities of recycled used products on optimal mode. [ABSTRACT FROM AUTHOR]

We identify exposure to political risk by exploiting a unique variation around land lease extension protection after 2047 in Hong Kong's housing market due to historical arrangements. Relative to properties that have been promised an extension protection, those with unprotected leases granted by the current government are sold at a discount of 8 percent; those with colonial leases suffer an additional discount of 8 percent. Incorporating estimated structural parameters that suggest an additional 20 percent ground rent after 2047, our model matches empirical discounts well across lease horizons. Discounts increase over time, particularly in areas with greater pessimism about the city's future. (JEL D72, G12, R31, R38) [ABSTRACT FROM AUTHOR]

Many tourism studies leverage the hedonic price model to gauge tourists' willingness to pay for diverse attributes of short-term rental properties. However, when this estimation is applied to the temporal analysis, it can be biased if variables varying with time, such as term structure effects in short-term rentals, are omitted. This paper introduces a repeat sales Airbnb ADR (average daily rate) index to track the change in quality-adjusted rentals of Airbnb properties over time in Auckland, New Zealand, while factoring in the term structure. The findings confirm that using repeat sales data from Airbnb listings can significantly mitigate the bias linked to time-varying attributes. Results demonstrate that when the term structure is not considered, the ADR calculated by the hedonic method may be overestimated by 0.2% per day of the tenancy term. The inventive Airbnb ADR repeat sales index enables the assessment of Airbnb rental trends, taking into account changes in the term structure of leases. This new index can potentially enhance Airbnb listings by incorporating the effects of lease term structures. [ABSTRACT FROM AUTHOR]

This document provides an overview of a court case in Germany involving a cartel in the truck industry. The court is evaluating whether the cartel caused harm and if the plaintiffs are eligible for compensation. Factors such as market share shifts, price coordination, and the duration of the cartel are taken into account. The court concludes that there is a reasonable likelihood of harm and makes a judgment based on the evidence presented and the rule of general experience. [Extracted from the article]

Numerous managerial and corporate finance perspectives suggest mutual tax advantages when depreciation is transferred from an asset's user to a lessor, creating a perceived loss of tax revenue for the government. This study delves deeper into the lease versus buy decision and its ramifications on government tax revenue. It goes beyond tax rate discrepancies, exploring how factors like lessor‐lessee borrowing rate differences, asset lifespan, depreciation, and lease payment schedules impact tax revenues, both analytically and numerically. The paper establishes a strong theoretical foundation, emphasizing positive‐sum games involving lessees, lessors, and governments in individual deals. Government benefits from leasing vary across asset classes, market structures, depreciation timelines, credit quality, tax credits, and business cycles. The proposal is that the aggregate impact at the federal level could be positive, negative, or neutral across all leasing deals. These insights surpass conventional knowledge, offering valuable perspectives for finance and accounting educators, students, practitioners, and policymakers. [ABSTRACT FROM AUTHOR]

The aviation sector, essential for global trade, tourism, and cultural interaction, has evolved from a luxury to a vital economic component, generating billions annually. However, the Covid-19 pandemic has drastically reduced air travel demand and revenue, leading many airlines into financial distress, insolvency, and potential bankruptcy. This study examines the legal and policy frameworks addressing aviation insolvency, historical and contemporary causes of financial distress, and the impact on airline employees, clients, and suppliers. It evaluates government bailout programs and the role of aviation leasing companies and financiers in the bankruptcy process. Additionally, the study analyzes cross-border bankruptcy issues and their effects on global coordination. Besides discussing alternative funding and investment models for the industry’s recovery, the paper offers insights and recommendations for policymakers, to ensure the aviation sector’s long-term viability and resilience postpandemic. [ABSTRACT FROM AUTHOR]

Leasing valuation is a topic that has aroused considerable interest in business circles. This paper examines leasing from the point of view of the lessor who can decide to leave the contract due to default. We analyze in introducing a model in which the lessor decides whether or not to terminate the contract at a given point in time, comparing it with the cost of capital of alternative investments. The proposed model is stochastic, and it is strongly based on correlated random walks, making it more adaptable to real-world circumstances. Furthermore, we propose a recombinant binomial tree based on correlated random walks, performing numerical simulations starting from CIR and Vasicek models. We will point out that as the rate of cost of capital of an alternative investment increases, the optimal boundary curve decreases, so the lessor leaves, while as the past interest rates increases, the curve rises and the lessor will have a concrete interest in maintaining the contract. [ABSTRACT FROM AUTHOR]

Copyright of Umsatzsteuer-Rundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The ground lease is a form of land tenure where the property rights are split between the lessor (landowner) and the lessee (land user). Additional ground lease features, such as the obligation to pay ground rent, depend on factors including the legal framework and lessor requirements. Ground lease features can lead to interpretation problems for ground leaseholders and even valuers, such as misunderstanding the extent of ground rent review. This paper examines location-based differences in order to highlight ground lease variability across countries. The term 'ground lease' is effectively a catch-all term for a tenure type that can display considerable differences depending on the location. Recognition of potential ground lease pitfalls and how ground leases differ across jurisdictions is necessary in an increasingly connected world. This paper advocates for uniform international ground lease terminology that more completely explains the extent of tenure rights of each ground lease. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The paper deals with a practical issue, namely the lease contracts concluded by a church congregation as a lessor with its lessees. This research examines the application of the legal rules governing the lease contract to specific legal relations concerning real estate owned by the congregation and the appropriateness of this legal regulation. The paper explores how the legal practice takes advantage of the default provisions to adapt the legal relationships to the specific needs of the lessor and the lessee. The author concludes that the possibility of systematic research gives an overview of the usual needs of the lessor and the lessee in relation to the content of their mutual legal relations. [ABSTRACT FROM AUTHOR]

One of the key measures of Law 12/2023 of 24 May on the right to housing was that the autonomous regions could declare specific areas as "stressed residential market areas" and thus the rent control measures that Law 12/2023 introduced in Law 19/1994 of 24 November on urban leases would apply in those areas. After Law 12/2023 entered into force, the Catalan Government declared 140 municipalities as "stressed residential market areas", which resulted in a reduction in the residential housing for long-term leases on offer in favour of other types of lease that are not subject to the rent control framework. This has led to the approval of Decree Law 6/2024 of 24 April on urgent measures on housing in order to, on the one hand, extend the application of the rent control framework to seasonal/short-term leases and, on the other, introduce penalties for failing to comply with the rent control measures. [ABSTRACT FROM AUTHOR]

John Baldwin Buckstone took over the management at the Theatre Royal Haymarket in 1853, assuming control from Benjamin Webster who had been manager since 1837. They had both served in the company of David Edward Morris, the proprietor who had overseen the building of the new Haymarket Theatre in 1821. When Morris died, his estate passed into a trust on behalf of his widow, Maria Sarah. A lease dating from 1871 (now in the Library at the Garrick Club) describes the agreement between Buckstone and Maria Sarah. Not only does the lease detail the arrangement between the two parties, it also includes an extensive 214-page room-by-room inventory of the Haymarket Theatre, revealing hundreds of items accumulated throughout half a century of constant use. This article outlines the peculiarities of the lease and pays special attention to the music and dance holdings which feature prominently in the inventory. The lease is remarkable not only for the diversity, breadth, and specificity of its contents, but also because it serves as a rare document of theatre business and tells us more about the day-to-day life of one of London's most important theatres in the mid-nineteenth century. [ABSTRACT FROM AUTHOR]

The ability to reallocate water to higher‐value uses during drought is an increasingly important "soft‐path" tool for managing water resources in an uncertain future. In most of the Western United States, state‐level water market institutions that enable reallocation also impose substantial transaction costs on market participants related to regulatory approval and litigation. These transaction costs can be prohibitive for many participants in terms of both costs and lengthy approval periods, limiting transfers and reducing allocation efficiency, particularly during drought crises periods. This manuscript describes a mechanism to reduce transaction costs by adapting an existing form of informal leases to facilitate quicker and less expensive transfers among market participants. Instead of navigating the formal approval process to lease a water right, informal leases are financial contracts for conservation that enable more junior holders of existing rights to divert water during drought, thereby allowing the formal transfer approval process to be bypassed. The informal leasing approach is tested in the Upper Colorado River Basin, where drought and institutional barriers to transfers lead to frequent shortages for urban rights holders along Colorado's Front Range. Informal leases are facilitated via option contracts that include adaptive triggers and that define volumes of additional, compensatory, releases designed to mitigate impacts to instream flows and third parties. Results suggest that more rapid reallocation of water via informal leases could have resulted in up to $222 million in additional benefits for urban rights holders during the historical period 1950–2013. Plain Language Summary: In much of the developed world, there is little ability to sustainably manage water resources by building more dams or digging new wells. Water stressed regions are increasingly adapting to droughts through agreements to conserve or reallocate water between members of the community. In some places, markets make this easier by allowing users to buy and sell water. However, in most of the Western U.S., the legal system that approves these transactions makes them very costly and time consuming, reducing the benefits from trade. In particular, it is very hard to buy and sell short‐term leases. Here, we propose a new type of leasing contract, "informal leases," that avoid the legal system by relying on contractual agreements between water users. Instead of buying water via the legal system water users pay other users to conserve, coordinated through simple index contracts. When these contracts are designed correctly, they can perfectly recreate the effect of a formal water sale, for a fraction of the price. In this manuscript, we show how contracts for informal leases can be designed and evaluated, creating savings for water buyers/sellers, additional revenue for their neighbors, and a win/win response to environmental stress (for everyone except the lawyers). Key Points: Transaction costs related to regulatory approval are a significant impediment to water market leases in the Western United StatesInformal leases enable rapid short‐term water reallocation during drought while reducing transaction costsThe State of Colorado could have accrued $222 million in benefits using informal leases to reallocate water from irrigators to urban users [ABSTRACT FROM AUTHOR]

This study examines the impact of granting forest certificates on farmer income. Linear regression and mediating effect models were used to analyze repeated survey data of 505 households in 50 villages in Jiangxi Province in 2017 and 2018. We examined the impacts of granting forest certificates on forestry income and the total income of rural households, taking into account forestland leases. We draw the following conclusions: first, granting forest certificates has a significant positive effect on total household income but not on forestry income. Second, farmers prefer forestland leasing in their behavior. Granting forest certificates can promote forestland lease out, but the effect on forestland lease in is not obvious. Third, granting forest certificates contributes to the increase in total household income through forestland lease out. Our analysis suggests that the government should increase the proportion of granted forest certificates and improve the policies related to the lease of forestland so as to realize an increase in farmer income. [ABSTRACT FROM AUTHOR]

This study examines the gender-differentiated effects of improved land property rights on labor reallocation in China, using quasi-exogenous variation in the timing of the implementation of the Rural Land Contracting Law, which allows farmers to lease out their land. We find that while men and women tend to shift labor from the agricultural into non-agricultural sector following the land reform, women lag behind men. Our findings reveal a noticeable gender gap in the growth of off-farm labor participation (+16.69 % among men; + 1.95 % among women) and hours worked in off-farm sectors. The gender-differentiated effects on off-farm employment are likely caused by disadvantaged labor market conditions for women. These findings underscore the importance of improved land property rights in fostering rural structural transformation. Moreover, our results suggest that implementing land reforms without accompanying changes to address the root causes of gendered differences in off-farm employment could limit their full potential. This study has significant policy implications for the rural transformation of developing countries. [ABSTRACT FROM AUTHOR]

This article introduces the 2023 National Offshore Wind data set (NOW-23), which offers the latest wind resource information for offshore regions in the United States. NOW-23 supersedes, for its offshore component, the Wind Integration National Dataset (WIND) Toolkit, which was published a decade ago and is currently a primary resource for wind resource assessments and grid integration studies in the contiguous United States. By incorporating advancements in the Weather Research and Forecasting (WRF) model, NOW-23 delivers an updated and cutting-edge product to stakeholders. In this article, we present the new data set which underwent regional tuning and performance validation against available observations and has data available from 2000 through, depending on the region, 2019–2022. We also provide a summary of the uncertainty quantification in NOW-23, along with NOW-WAKES, a 1-year post-construction data set that quantifies expected offshore wake effects in the US Mid-Atlantic lease areas. Stakeholders can access the NOW-23 data set at https://doi.org/10.25984/1821404. [ABSTRACT FROM AUTHOR]

Copyright of European Journal of Applied Economics is the property of Singidunum University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Lease accounting was revised in 2016 due to the contentious nature of its reporting in the financial statements under IAS 17- for impairing the quality of accounting information due to the inappropriate treatment of identified resources in control and financial obligations by lessee firms. IFRS 16 (effective 2019) eliminates the distinction between operating and finance leases requiring right-of-use assets and associated liabilities to be reported on the Statement of Financial Position. In cognizance of its objective of enhancing information quality, the paper assessed the relevance of accounting information reported subject to compliance with IFRS 16 in the context of listed nonfinancial firms in Nigeria utilizing lease finance. The Ohlson model was modified to regress share price on the book value of equity per share, earnings per share, and the interaction of 2021. GLS regression results indicate book value per share to the relevance of earnings per share remains unchanged. The paper concludes that IFRS 16 adoption enhances the information quality of listed non-financial firms in Nigeria. Recommendations are made for firms to optimize accounting processes to achieve or sustain information quality by adopting IFRS 16. The IASB, as a standard-setter, should also prioritize the cost-efficiencies of standards in their implementation, as this could account for a disparity in the perceived accounting information quality of varying-sized firms). [ABSTRACT FROM AUTHOR]