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Comparative analysis in residential property price level and price dynamics in urban and rural areas of Hajdú-Bihar County
85-90Views:113In modern market economies residential real estate prices, price shifts and their correlations with macroeconomic factors are surveyed quite frequently. However, in contrast with the wide scope of foreign examples, so far existing analyses in Hungary have ignored examining relation and extensity of macroeconomic indicators and failed to examine their effect on real estate pricing. The scope of this survey is to highlight these potential correlations and thus develop new aspects of analysis. Although the examination needs further extension both in time and space, the results of this survey may help to understand the importance of the responsible management of the most precious element of national wealth from the perspective of sustainable rural development.
Based on my preliminary results, there exists a strong correlation between the number of inhabitants of a settlement and the average real estate prices. Nevertheless, the correlation seems to be significant only for cities. In the case of smaller settlements the correlation still exists but at a lower level. As opposed to the results of former publications and my own expectations, no direct link could be tackled between the amount of income tax paid by private individuals and real estate prices either in the cities or in the villages within the territory and time span examined in my analysis. Although this correlation is measurable on a macro-economic level, my micro-regional analyses revealed the complexity of asset pricing and price volatility. Continuing this survey, my goal is to identify the hidden factors influencing real estate prices, whose thorough mapping may promote conscious rural development.
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Pricing in the pig production
25-29Views:72During my research work I will exame the state of pig production and the pigmeat trade in Hungary as well as in the EU. In this article I am looking at this branch, I plan to ask consumers about this topic. There is no point in importing pork if there is no market for it. The reality is that we like what is new, unusual and different. What lies behind this way of thinking?
Everybody agrees, consumer habits differ culturally, and this is true in European countries as well. I find it interesting to examine what parts of the pig are favoured the most by consumers in certain countries. As habits are different we can say that certain countries prefer pork chops while on other countries’ menus pork knuckles can be found. If we follow this train of thought it becomes apparent that due to these differences the price of pork varies from country to country.
According to figures, it is clear that certain countries are able to produce pork products cheaper. Since market works on the principle of supply and demand, those who offer their products cheaper will have a greater chance of remaining in this sector. Those on the other hand who can only produce their products at a higher price will eventually disappear from the market. The price is determined by the rate of the forint to the euro. Today’s strong forint is leading to the growth in imports. Recently, pork exports have fallen, but if the rate were to be 280 forints as it has been in the past, then it would be more favourable to sell pork products.
As Hungarian prices are high, meat processing companies are forced to import from neighbouring countries, which means a cheaper source of product. This has led to a decrease in the number of pig in Hungary meaning that we are now an overall importer of pork products rather than an exporter. -
Changes of Longissimus Muscle Area and Rump Fat Thickness in Hungarian Simmental Fattening Bulls Measured Using Real-Time Ultrasound Equipment
11-15Views:80The aim of the authors was to evaluate changes in the longissimus muscle area (LMA) and rump fat thickness (P8) based on real-time ultrasound scanning in the Hungarian Simmental cattle breed. Ultrasonic measurements were carried out on the same 11 Hungarian Simmental fattening bulls by Falco 100 (Pie Medical) equipment (I.: age: 357±23.47 days, live weight: 475.55±51.40 kg; II.: age: 418±23.47 days, live weight: 555.10±54.11 kg) on two occasions. Animals were kept in small groups, on deep litter, and fed on silage and concentrate. LMA and P8 were measured on the scans, between the 12th and 13th ribs by manual outlining. Results for the investigated traits during the examinations were as follows: P8: I.: 0.373±0.154 cm, II.: 0.624±0.161 cm; LMA: I.: 65.72±5.89 cm2, II.: 71.74±8.94 cm2. During the fattening period, P8 increased significantly (I-II.: t=3.73, P<0.001). A significant positive correlation was calculated between results of measurements I. and II. in the case of LMA (r=0.71, P<0.05). Results imply the possibility of selling bulls with smaller LMA earlier, at lower body weight. Application of ultrasonic measurements in fattening technology could generate a more quality-related pricing system.
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Managing risk using real options in company’s valuation
125-132Views:133The valuation of company is very important because provides information about the current value/situation of company, and through this, provide the opportunity of choosing the best company’s growth alternatives. The future strategic decisions are characterized by lack of knowledge, information, so all measures of company’s growth are closely linked with uncertainty and risk. The company’s valuation process is also related with uncertainty and risk. The risk may result both from the assessed assets and the technique used. In literature, we could find three approaches for risk management: capital budgeting based method, methods based on portfolio analysis and real options approach of risk management. Among them, the real options based methods is the most revolutionary approach for risk management. The advantages of the method, consists in the fact, that the process of establishing strategic decisions integrates the possibility of reversibility, delay and rejections, which isn’t it possible at two previous methods. The method also takes into account the total risk of company, so both the company-specific and systematic risk. In this study, I have used one of the best-known real option based method, the Black-Scholes model, for determining the option’s value. Determination of option value is based on the data of enterprise, which was tested Monte Carlo simulation. One of the basic assumptions of the Black-Scholes model is that the value of option is influenced by several factors. The sensitivity of option’s value could be carried out with so-called “Greeks”.. In the study the sensitivity analysis, was carried out with indicators Delta (Δ), Gamma (Γ) and Vega (ν). The real options based risk management determinations were performed in the R-statistics software system, and the used modules are 'fPortofio' and 'mc2d'. By using of real options method, I have calculated the average value of company capital equal with 38.79 million. By using simulation was carried out 1000 runs. The results of this show a relatively low standard deviation, small interquartile range and normal distribution. In the calculation of indicator Delta, could be concluded the value of company moves in 0.831 proportion to the price of options, the standard deviations of index is low, so the real option based method could be used with success in company’s value estimation. The Gamma index shows the enterprise value is sensitive just for large changes. The result of Vega reflects the value of option, so the company’s value volatility, which is small in this case, but this means a volatility of value. In summary, we can conclude that the call options pricing model, well suited for the determination of company’s value.