Fixed price methods

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  • This paper compared the efficiency of IPO pricing mechanisms namely Fixed Price (FP) and Book-Building (BB) in China by analyzing IPOs' underpricing level. Findings include the FP regime was more efficient than the BB one because the BB did not reduce the underpricing level in China as expected,... and other contents.

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  • The goal of this book is to develop robust, accurate and efficient numerical methods to price a number of derivative products in quantitative finance.We focus on one-factor and multi-factor models for a wide range of derivative products such as options, fixed income products, interest rate products and ‘real’ options. Due to the complexity of these products it is very difficult to find exact or closed solutions for the pricing functions. Even if a closed solution can be found it may be very difficult to compute. For this and other reasons we need to resort to approximate methods.

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  • These are usually cost reimbursement contracts as (d) above, but with an esti- mated target cost set for the works cost, and a fixed or percentage fee for the contractor’s head office overheads and profit. If the contractor’s expenditure exceeds the target he has to bear a proportion of the excess; if his expenditure is less than target he receives a proportion of the difference as a bonus. Thus there is a financial incentive to the contractor to be efficient and save costs. But setting a fair target price can be difficult, and impossible if the amount of work to be done is unpredictable.

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  • Usually any requirement that the contractor should shoulder all or most risks arises because the employer prefers to have a fixed financial commit- ment, or because he has only a limited allocation of funds which he has no authority to exceed. Some overseas governments will not authorize any expenditure above the tendered sum. This fixing of the price and placing all or most of the risks on the contractor can be expected to lead to generally high prices.

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  • The user cost framework, originally developed to measure the services of fixed capital assets, resolves the difficulty in attributing bank earnings to customer services by assum- ing banks charge implicitly for the services they provide to borrowers and depositors. The user cost framework has emerged as the most common method for estimating the nominal output of banks. Nominal bank output is measured as the imputed value of the services associated with banks’ loans and deposit accounts.

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