Abstract: Throughout time, artwork has been a luxury commodity associated with aesthetic appeal, affluence and power. While the primary benefactors of art industry have always been the artists themselves and intermediaries that link them to buyers, the art industry is now emerging as a financial investment plan especially among the affluent members of the community who are in position to invest into pleasure assets. This because art generally appreciates with value at a steady rate which is lucrative and the industry has expanded with time as more key players join in to optimize on the gains. While it is a legitimate investment venture, the art industry is characterized by volatility, illiquidity and opacity which discourage many investors. In addition, the risk taken rarely measures up to the reward gained. This is considering the high initial cost of investing and the time it takes for the artwork to gain considerable value for adequate profit to be gained. This leaves the art investment to a select few especially the affluent that looking to diversify their investment portfolio especially for long term investments. This article weighs the rewards of investing in artwork as an asset against the risks involved and justifies whether investment in art should be an investment option.Abstract: Throughout time, artwork has been a luxury commodity associated with aesthetic appeal, affluence and power. While the primary benefactors of art industry have always been the artists themselves and intermediaries that link them to buyers, the art industry is now emerging as a financial investment plan especially among the affluent members of the co...Show More
Abstract: This research examines the effect of different types of tax revenues on income inequality in WAEMU countries over the period 1996 to 2015. Double least squares (2SLS) are used as an estimation technique to analyze the effect of these different types of tax revenues, including total tax revenues (the sum of all revenues), direct tax revenues (which include profit and income taxes), domestic indirect tax revenues (e.g., value added tax and excise duties) and commercial tax revenues (e.g., customs duties). The results show that an increase in direct tax revenues leads to a reduction in income inequality. In other words, progressive income taxation allows for an efficient redistribution of income from richer to poorer people, which contributes strongly to the reduction of income inequality. On the other hand, indirect domestic tax revenues and commercial tax revenues are found to be neutral in income distribution. In fact, WAEMU countries, in order to compensate for the fiscal losses resulting from the reduction of customs tariffs, have adopted a reform of domestic taxation focused mainly on the development of non-progressive indirect taxes, i.e., taxes governed by liberal principles of fiscal neutrality: taxation must not disrupt individual choices of resource allocation. These tax reforms thus explain the neutrality of the effects of indirect taxation in the WAEMU zone. In the light of these results, the paper suggests that WAEMU countries should strengthen the progressivity of direct taxes and always maintain the neutrality of indirect taxes.Abstract: This research examines the effect of different types of tax revenues on income inequality in WAEMU countries over the period 1996 to 2015. Double least squares (2SLS) are used as an estimation technique to analyze the effect of these different types of tax revenues, including total tax revenues (the sum of all revenues), direct tax revenues (which ...Show More
Abstract: With the rapid popularization of the Internet in China and equally rapid development of e-commerce, an increasing number of individuals prefer the C2C e-commerce platform for shopping. Sellers’ credit evaluation is one of the important reference values of buyers’ online shopping. As the quality of the credit evaluation affects the purchase risks of customers, the C2C e-commerce credit evaluation of online shopping and the purchase risk of customers are studied. This study divides the purchase risk of customers into six dimensions, namely, store risk, product risk, money risk, distribution risk, time risk, and security risk. The effect of C2C credit evaluation on the purchase risk of consumers is then discussed. Subsequently, the effects of the C2C credit rating system and customer purchase risk on the purchase intention of customers are further explored. Furthermore, logistics services, as an important part of C2C e-commerce transactions, are analyzed as a mediator in this research. This study uses regression analysis to test the research hypotheses. Results corroborate that improving the credit evaluation of online shopping can reduce the purchase risk of customers. Logistics service has mediating effects on the credit evaluation of online shopping and the purchase risk of customers. The latter can be reduced through logistics service, thereby further increasing the purchase intention of customers. Among the dimensions of customer purchase risk, product risk, money risk, delivery risk, and time risk are the most significant factors affecting the purchase intention of customers. Increasing the purchase intention of customers by reducing these four risks is possible. The logistics service affects the purchase risk and intentions of customers as well. The mediating effect reduces the purchase risk of customers and improves the ability of logistics service to increase the purchase intention of customers. Moreover, improving credit evaluation can enhance the purchase intention of customers. Logistics service has a mediating effect on the credit evaluation of online shopping and purchase intention of customers. That is, improving the credit evaluation of online shopping can improve the logistics service, thereby increasing the purchase intention of customers. On the basis of these conclusions, this study provides sellers and logistics service providers with constructive suggestions to improve the C2C e-commerce platform.Abstract: With the rapid popularization of the Internet in China and equally rapid development of e-commerce, an increasing number of individuals prefer the C2C e-commerce platform for shopping. Sellers’ credit evaluation is one of the important reference values of buyers’ online shopping. As the quality of the credit evaluation affects the purchase risks of...Show More