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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]

Relative to sales, the average operating lease commitments of hospitality firms are 4 times larger than those of other publicly traded firms. In response to the recently enacted accounting standards update No. 2016-02 (ASU 2016-02) that requires lessees to recognize operating leases on their balance sheet, hospitality firms decreased their use of operating leases, switching to shorter-term off-balance sheet leases. We find that this change did not have negative consequences on firm performance, shareholders, or employees. The only significant effect we do find is an improvement in credit ratings for firms that reduced operating leases in response to the new standard. Our findings are inconsistent with the concerns some hospitality managers and academics expressed prior to the introduction of the standard. [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.)

We examine whether investors display a lack of attention by not incorporating relevant public information into equity valuations. Beginning in 2019, ASC 842 requires the recognition of operating leases, which were previously only disclosed in the financial statement footnotes. This change in accounting standard results in firms with significant operating leases recognizing a considerable increase in debt. We find that firms with significant operating leases, on average, earned negative stock returns around the initial recognition of their operating leases. We find that the negative reaction to operating lease recognition does not vary with firm-level proxies for investor attention, which suggests a pervasive lack of attention to operating lease disclosures prior to ASC 842. Our results provide new evidence consistent with investors suffering from limited attention and equity prices reflecting a lack of fundamental analysis. [ABSTRACT FROM AUTHOR]

The article examines the use of Open Source Intelligence (OSINT) in military operations abroad within the framework of International Humanitarian Law (IHL) and International Human Rights Law (IHRL). It emphasizes the significance of intelligence in military operations and the benefits of OSINT, while also addressing the legal aspects and the need for clarity on privacy rights in armed conflicts. The text suggests ways for states to provide clarity on the interpretation of IHL rules and privacy rights by incorporating their interpretations into military manuals and national guidance. The author, Marten Zwanenburg, a professor of military law, acknowledges the collaborative efforts that contributed to the article. [Extracted from the article]

The article focuses on evidence-based models that promote housing stability and reduce evictions by keeping tenants in their homes and out of courts. Topics include the inefficiencies of the current eviction process, innovative pre-filing solutions to prevent eviction filings, and the need for adaptable, community-focused programs to reduce reliance on summary eviction proceedings.

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]

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]

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]

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]

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 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.)

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]