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on South East Asia |
| By: | Andy Sumner (King's International Development Institute, King's College London); Arief Anshory Yusuf (Department of Economics, Padjadjaran University); Yangki Imade Suara (Department of Economics, Padjadjaran University) |
| Abstract: | This paper proposes and operationalizes an approach to measuring poverty based on the probability of remaining poor or not. The paper does the following: we review the global and Indonesia literature on poverty dynamics; we propose a set of poverty lines based on the prospects for the poor using the Indonesian Family Life Survey for 2000–2007; we discuss determinants of poverty at the various poverty lines and consider the poverty probability trends in Indonesia for the period 2000–2013 using the national socio-economic survey, the Susenas. |
| Keywords: | Poverty |
| JEL: | D63 |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:unp:wpaper:201410&r=sea |
| By: | Prima, Annisa Dian; Stevenson, Simon; Wyatt, Peter |
| Abstract: | This study aims to investigate the role of sponsor and internal corporate governance mechanisms in the performance of Asian REITs. The presence of sponsors, who are often the controlling unitholders of the REIT and the parent companies of the manager, is argued to exacerbate the agency costs. Under the premise that the sponsors commit to align their interests with that of other unitholders of the REITs, firm performance and board independence are expected to increase with sponsor ownership. Conversely, if sponsors increase their unitholdings to enhance their power to extract private benefits and expropriate the wealth of minority unitholders, sponsor ownership is expected to have a negative relation with board independence and REIT performance. This paper proposes an alternative measurement to calculate the level of sponsor unitholdings in the REIT. Between 2002 and 2012, sponsors retain around 19 percent of Asian REIT underlying assets. The final sample that is used consists of 514 firm-year observations from 91 REITs across Japan, Singapore, Hong Kong and Malaysia. It is found that board independence is negatively related with ownership by insiders (sponsor, CEO, and affiliated directors). The results also show that abnormal returns of REITs increase with insider ownership, but decrease with board independence. Further analysis reveals that REITs with high sponsor ownership outperform those with low sponsor ownership during financial downturn. The evidence seems to suggest that sponsors do not align their interests by appointing more independent directors in the board, but rather by providing REITs with strong development pipelines and support for future acquisition. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2013_351&r=sea |
| By: | Kanbur, Ravi; Zhuang, Juzhong |
| Keywords: | International Development, Production Economics, |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:ags:cudawp:180092&r=sea |
| By: | Bouchouicha, Ranoua |
| Abstract: | Due to their diversity and maturity, Asian Real Estate Trusts presents an interesting investment asset that has an increasing impact in a portfolio management. In this paper, we investigate the role of Asian REITs in a mixed asset portfolio. To the best of our knowledge, this is the first study that investigates the role of Asian REITs in a mixed portfolio taking into account the post 2008 crisis period. We look at the performance of Asian REITs using the market portfolio theory and different performance measures. In addition, we draw the main stylized investment characteristics of Asian REITs (focused versus diversified strategy) and their performance in a currency hedging strategy. Furthermore, we explore their performance in an international portfolio context. |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2014_207&r=sea |
| By: | Tinh Doan (University of Waikato); Son Nguyen (VNU University of Economics and Business); Tuyen Tran (VNU University of Economics and Business); Huong Vu (University of Waikato); Steven Lim (University of Waikato) |
| Abstract: | This paper examines whether rising import penetration has an effect on the productivity of domestic firms. The study uses data on a 10-year unbalanced panel of firms in the manufacturing sector in Vietnam from 2000 to 2009. Panel and instrumental variable methods are used to control for firm heterogeneity and endogeneity of import penetration. We find significantly negative effects of import competition on local firms’ productivity. Further investigation on the basis of firm size and industry technology levels shows that SMEs are more adversely affected, but that industry technology level does not matter. |
| Keywords: | import penetration; productivity; Vietnam |
| JEL: | F19 L25 P45 |
| Date: | 2014–07–11 |
| URL: | http://d.repec.org/n?u=RePEc:wai:econwp:14/09&r=sea |
| By: | Sacks, Audrey; Rahman, Erman; Turkewitz, Joel; Buehler, Michael; Saleh, Imad |
| Abstract: | A central policy of the Government of Indonesia's strategy for enhancing its country's economic and social development is to develop infrastructure and expand service delivery. Public procurement reform is a key component of this policy. Despite the decentralization of financial responsibility and authority to relatively autonomous local level governments, procurement reform in Indonesia is a centrally-driven effort. In this paper, we examine the extent to which procurement reform is translating into improvements in sub-national performance. Data on local government procurement expenditures point to an overall decline in the volume of procurement, especially in poorer districts. This paper uses qualitative case studies of procurement reform in six local governments and finds that local government leadership is associated with the uptake of reform. There is little evidence to suggest that procurement reform has been"demand''-led, since neither the private sector nor Civil Society Organizations (CSOs) have been active in advocating for procurement reform. |
| Keywords: | E-Business,Public Sector Corruption&Anticorruption Measures,Government Procurement,Competitiveness and Competition Policy,Business Environment |
| Date: | 2014–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:6977&r=sea |
| By: | Nguyen, Huy |
| Abstract: | This paper investigates the impacts of land fragmentation on economic diversity of farm households in Vietnam. To develop the empirical analysis, a model is presented in which the estimated impact of land fragmentation on economic diversification allows for non-neutral technical change. The paper tests the theoretical predictions of this model by providing empirical evidence of the impact of land fragmentation on farm and nonfarm outcomes such as labour supply, profits, labour intensity and productivity. By using different methods aimed at verifying and checking the consistency of the results, we find that land consolidation may reduce farm labour supply, labour intensity, and improve farm profits and productivity. Similarly, it may release more farm labour to nonfarm sectors and increase nonfarm profits. The empirical results show that factor-biased technical change plays an important role in explaining the impact of agricultural technical change on economic diversification in Vietnam. |
| Keywords: | Agricultural technical change, land fragmentation, land consolidation, labour allocation, and elasticity of substitution, nonfarm sectors, and economic diversification |
| JEL: | D13 J22 O3 Q18 |
| Date: | 2014–07–23 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:57521&r=sea |
| By: | Yuo, Tony ShunTe; Lin, Yu-Cheng; Wu, Jou-Hsuan; Huang, Kuan-Yu |
| Abstract: | Spatial complexity is not only one of the crucial sources of wayfinding problem within a shopping facility; it is also a significant determinant for space usage efficiency. The distribution of total floor area for a shopping mall is basically finding the optimum solution for tenant location/allocation and pedestrian flow plans. Normally, with higher spatial complexity, shoppers are easier to get lost and generate higher shopping costs; however, space usage flexibility could also be increased. Therefore, a good measurement for spatial complexity for shopping areas is needed. This paper compares several measurements for spatial complexity. The intention is to tackle the spatial complexity issue through three dimensions: horizontal complexity, vertical movements and multiple-purposive users in mixed use environment. And the data is collected from the US, UK, Taiwan, Singapore, Hong Kong, Malaysia and Shanghai with more than 100 floorplans to explore the influential factors for spatial complexity within shopping centres. Using GIS, space syntax and other non-spatial techniques, this research suggests some interesting management issues and enhances the understanding of spatial complexity within a shopping environment. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2013_46&r=sea |
| By: | Newell, Graeme; Pham, Anh Khoi; Lee, Chyi Lin |
| Abstract: | The emerging property markets have taken on increased significance with international property investors in recent years. This paper assesses the risk-adjusted performance and diversification benefits of listed property securities in the emerging markets over 2005-2013. This is benchmarked with the performance of listed property securities in the developed markets, shares and bonds, with this being done in a global context as well as in a regional context for Asia-Pacific, Europe, Americas and the Middle East/Africa. To understand the investment dynamics over 2005-2013, this is also considered in a pre-GFC and post-GFC sub-period context. The strategic implications for the role of the emerging markets for listed property securities investors are also highlighted. |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2014_41&r=sea |
| By: | Samsura, Datuk Ary; van der Krabben, Erwin |
| Abstract: | The Dutch national government has recently launched a national pilot program to test the effectiveness of urban land readjustment as a strategic tool for urban redevelopment projects. Urban land readjustment has been defined as the consolidation of adjoining plots 'by a government agency for their unified planning, servicing and subdivision with the sale of some of the new plots for cost recovery and the redistribution of other plots to the landowners' (Archer, 1989: 307; cited in Adams & Tiesdell, 2013: 274). Urban land readjustment – similar to the more common agricultural land readjustment, but now applied in an urban context - has been widely adopted both in European countries (but not in the Netherlands) and in Asian countries (Hong & Needham, 2007). In Van der Krabben & Needham (2008) we have argued the theoretical case for applying urban land readjustment in the Netherlands and elsewhere. Adams et al. (2001) have also proposed urban land readjustment for the UK, termed an 'urban partnership zone'.Urban land readjustment can be considered as a type of self governance, based on close cooperation between land and property owners in a certain area. In this paper we present the results of a simulation game regarding the negotiations that will take place between the land and property owners to decide for urban land readjustment. Game theoretical modeling is applied to test under which conditions land and property owners are willing to cooperate in an urban land readjustment project.ReferencesAdams, D., Disberry, A., Hutchinson, N. & Munjoma, T. (2001) Managing Urban Land: the case for urban partnership zones, Regional Studies, 35: 153-62.Adams, D. & Tiesdell, S. (2013) Shaping Places; Urban Planning, Design and Development. London: Routledge.Archer, R.W. (1989) Transferring the urban land pooling/readjustment technique to the developing countries of Asia, Third World Planning Review, 11: 307-31.Hong, Y. & Needham, B. (eds.) Analyzing Land Readjustment; Economics, Law and Collective Action. Cambridge, MA: Lincoln Institute of Land Policy.Van der Krabben, E. & Needham, B. (2008) Land readjustment for value capturing: a new planning tool for urban redevelopment, Town Planning Review, 79: 651-671. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2013_147&r=sea |
| By: | Forson, Joseph Ato; Janrattanagul, Jakkaphong |
| Abstract: | This paper investigates and analyzes the long-run equilibrium relationship between the Thai stock Exchange Index (SETI) and selected macroeconomic variables using monthly time series data that cover a 20-year period from January 1990 to December 2009. The following macroeconomic variables are included in our analysis: money supply (MS), the consumer price index (CPI), interest rate (IR) and the industrial production index (IP) (as a proxy for GDP). Our findings prove that the SET Index and the selected macroeconomic variables are cointegrated at I (1) and have a significant equilibrium relationship over the long run. Money supply demonstrates a strong positive relationship with the SET Index over the long run, whereas the industrial production index and consumer price index show negative long-run relationships with the SET Index. Furthermore, in non-equilibrium situations, the error correction mechanism suggests that the consumer price index, industrial production index and money supply each contribute in some way to restore equilibrium.In addition, using Toda and Yamamoto’s augmented Granger causality test,we identify a bi-causal relationship between industrial production and money supply and unilateral causal relationships between CPI and IR, IP and CPI, MS and CPI, and IP and SETI, indicating that all of these variables are sensitive to Thai stock market movements. The policy implications of these findings are also discussed. |
| Keywords: | Macroeconomic Variables; Cointegration; Thai Stock Exchange Index (SETI); T-Y Augmented Granger-Causality |
| JEL: | C0 C01 C1 C2 C5 C58 |
| Date: | 2014–06–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:57582&r=sea |
| By: | Dermisi, Sofia V. |
| Abstract: | This paper studies the agglomeration of office skyscrapers across the USA, Europe the Middle East and Asia (198, 22, 34 and 294 buildings, respectively). The paper analyses the construction trends around the world, of skyscrapers 600ft (183 m) or more, focusing on construction periods, material use, location, economic, political conditions and agglomeration patterns. The initial results of the study suggest that agglomeration patterns across some newly founded skyscraper cities are not always attributed to the traditional economic factors. In addition, differentiations are evident between the types of structure (e.g. steel versus composite) and agglomeration timing and patterns. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2013_257&r=sea |
| By: | Cherdchamadol, Paphada; Kawachart, Pitinan |
| Abstract: | The budget hotels in Thailand are likely to grow by the growth of low cost airline. Since cheaper airline ticket, middle management employees and their families including tourists travel more and more. Other than that, budget hotel business requires low investment but good return. Not surprisingly, the giant public company in Thailand hotel business, CENTEL, has been planned to expand new brand of 2 star hotel chain to serve the number of increasing travelers for AEC in 2015. However, IBIS Bangkok, there still wonders that ecotangible is the factor which significantly impact on customer satisfaction or not.Consequently, This paper proposes and tests a framework explaining the factors influencing customer satisfaction (SAT) with chain budget hotel in Bangkok especially the factor, ecotangible.Data was collected from both customers who were staying at the time we collected and customers were recently experienced within 6 months. Five hypotheses are :H1 : hotel image has a positive and direct effect on SAT.H2 : Ecotangible has a positive and direct effect on SAT.H3 : Physical quality has a positive and direct effect on SAT.H4 : Service quality has a positive and direct effect on SAT.H5 : Value for money has a positive and direct effect on SAT.The reliability and dimensionality of customer satisfaction are assessed by using exploratory factor analysis and multiple regression analysis which is employed to test aboved hypothesized relationships. The result shows that there are six factors which directly positive impact on customer satisfaction. The six factors are hotel image, ecotangible, room quality, room facility, service quality and value for money. The results of this study will provide developers in chain budget hotel to increase customer satisfaction and indeed, overall performance. Moreover, developers effectively allocate limited resources on appropriate factors to meet the customer satisfaction. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2013_295&r=sea |
| By: | Saeheng, Nitchara |
| Abstract: | Purpose – This study attempts to examine the impacts of the kiosk service quality dimension (that is, personal Interaction, policy, physical aspects, reliability and problem solving) and the kiosk product quality dimension (including features, aesthetics and customer-perceived quality) on customer satisfaction. It focuses on the kiosks in shopping centers in Thailand.Design/methodology/approach – The study adopted well-known theory of retail service quality and product quality. A survey was conducted with the samples that have experience in shopping with kiosk. Data were collected through the online questionnaire. The total of 216 respondents participated.Findings – The results from the regression analysis showed four dimensions, namely personal interaction, policy, product aesthetics and customer-perceived quality had a direct relationship with customer satisfaction with kiosk. Practical implications – Findings provide practical information to mall managers by understanding that what kiosk’s characteristics positively affect shopper satisfaction. Thus, mall managers need to pay more attention to these dimensions for choosing kiosk in the mall. In addition, kiosk owners can apply this study to improve their performance.Originality/value – There is no research to examine the impacts of the kiosk service quality dimension and the kiosk product quality dimension on Thai customer satisfaction. The findings of this study can help kiosk to improve the performance for surviving in shopping centers. And this helps shopping center to reduce the cost of finding new kiosks. Furthermore, mall managers can use this results for choosing kiosk that meet shopper satisfaction.Paper type – Research paper |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2014_194&r=sea |
| By: | Quan Hoang Vuong |
| Abstract: | This study investigates a longitudinal dataset consisting of financial and operational data from 37 listed companies listed on Vietnamese stock market, covering the period 2004-13. By performing three main types of regression analysis - pooled OLS, fixed-effect and random-effect regressions - the investigation finds mixed results on the relationships between operational scales, sources of finance and firms' performance, depending on the choice of analytical model and use of independent/dependent variables. In most situation, fixed-effect models appear to be preferable, providing for reasonably consistent results. Toward the end, the paper offers some further explanation about the obtained insights, which reflect the nature of a business environment of a transition economy and an emerging market. |
| Keywords: | Longitudinal data analysis; firm performance; operational scales; sources of finance; transition economy; emerging markets; Vietnam |
| JEL: | G32 L25 M10 P27 |
| Date: | 2014–07–17 |
| URL: | http://d.repec.org/n?u=RePEc:sol:wpaper:2013/173346&r=sea |
| By: | Eni, Sabariah; Adair, Alastair; Cheng, Lay; Lim, Jasmine |
| Abstract: | Urban regeneration has always been seen as an expansive and pervasive measure-s to policy making decisions. Despite the challenges in this period of economic uncertainty and financial constraint, urban regeneration is viewed as a key driver of economic, physical and social growth. However sustainable economic growth demands considerable investment to finance the development and associated infrastructure. The traditional practice to finance the development is by way of public investment. This places a huge burden on governments in terms of raising sufficient investment. One possible alternative financing tool is value capture. Large public investment in infrastructure can substantially increase the value of land in close proximity to the development. Capturing the value of this benefit through land use policy and alternative financing instruments is increasingly important to urban regeneration projects. This study explores an alternative financing mechanism designed to capture the uplift in land value due to development activity. This paper examines how the concept of “value capture� in terms of its prospect and challenges can be applicable to stakeholders in urban regeneration decision making in Kuala Lumpur city centre. Here the particular interest is to explore the arguments for value capture as a tool for funding and how this does relates to land management and land markets in urban regeneration context. A case study in Kuala Lumpur demonstrates the potential for application and effectiveness of a land value capture model as an alternative financing vehicle in promoting urban regeneration. Initially a literature review is conducted on the subject matter as well as in depth interviews with the property players and discusses various aspects of its applicability in the context of Malaysia. The outcome of this paper comprises recommendations for more viable strategies and policies that land value capture offers to finance urban regeneration and make a significance contribution to research which is currently on going. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2013_21&r=sea |
| By: | Martin Ravallion |
| Abstract: | The Purchasing Power Parity (PPP) rates from the 2011 round of the International Comparison Program (ICP) imply some dramatic revisions to price levels and real incomes across the world. The paper tries to understand these changes. Domestic inflation rates account for a share of the PPP changes, although less so for the 2011 revisions than prior ICP rounds. A marked downward drift in ICP price levels for developing countries also emerged in 2011. Conditional on domestic price changes, the co-movement of PPPs with market exchange rates suggests that that the ICP puts higher weight on more internationally comparable traded-goods than do domestic indices. There is also evidence of a Dynamic Penn Effect, whereby economic growth comes with higher prices. The drift is concentrated in the Asia regional groupings used for ICP implementation. The results are not consistent with expectations based on the only methodological change identified to date although other explanations remain to be investigated. |
| JEL: | E31 I32 O47 |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:20338&r=sea |
| By: | Elise van Nederveen Meerkerk |
| Abstract: | This paper investigates developments in labour policies and social norms on gender and work from the perspective of colonial entanglements. At the beginning of the nineteenth century, work was seen a means to morally discipline the poor, both in the Netherlands and the Netherlands Indies. A prime example are the initiatives by Johannes van den Bosch, who first in 1818 established 'peat colonies(!)' in the Netherlands, where the urban poor were transported to become industrious agrarian workers. In 1830, the same Van den Bosch introduced the Cultivation System in the Netherlands Indies, likewise, to increase Javanese peasants' industriousness. During the nineteenth century, ideals and practices of the male breadwinner started to pervade Dutch working-class households, and child and women's labour laws were issued. Instead, legislation in the Netherlands Indies was introduced very late and under heavy pressure of the international community. Not only did Dutch politicians consider it 'natural' that Indonesian women and children worked. What is more, they presented the inherent differences between Indonesian and Dutch women as legitimation for the protection of the latter: a fine example of what Ann Stoler and Frederick Cooper have called a 'grammar of difference'. |
| Keywords: | Social policy, Women's work, Child labour, Colonial history, Labour relations. |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:ucg:wpaper:0058&r=sea |
| By: | Zheng, Linzi; Wong, Kwok Chun |
| Abstract: | Selling public rented housing to its sitting tenants, a major method of housing privatization which become prosperous since 1980s, has been adopted by many different political systems and spread all over the world. However, outcomes of different programs are of large divergences, while the 'Right-to-Buy' policy in UK increases obviously homeownership level, other countries such as France, Netherlands and etc. did not achieve satisfied results; similar gap also happed in Asia like areas between Hong Kong and Mainland China. Hence the purpose of this paper is twofold: First, based on international data comparison analyses within wealth-maximization modes, to empirically identify major determinants out of both economic variables and demographic factors in tenure choice when facing the opportunity to buy their current living public rented houses and second a general pattern housing privatization proceeds for different countries can be drawn. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2013_18&r=sea |
| By: | Lee, Nai Jia; Yeo, Qianyi |
| Abstract: | In recent years, it has become a usual practice for buyers of public housing in Singapore resale market to fork out additional cash upfront to sellers to sweeten the deal. This additional cash premium, also known as cash-over-valuation, ranges from 10-20% of the valuation of the property. The amount of cash-over-valuation paid in the secondary market has been consistently high, despite Government intervention to soften the market. This phenomenon has generated concerns among the public on housing affordability and the valuation methodology adopted. Even though it is reasonable for transacted price of the property to vary ±15% from the valuation in appraisal report, it seems puzzling to observe the variation to be persistently positive. What makes it even more puzzling is that both buyers and sellers know the valuation of the house before the transaction is completed. Given that the objective of the appraisal report is to reflect the true value of the house, we expect the rational buyers and sellers to set their agreed price near the valuation reported. We suspect that buyers and sellers use the appraisal report as a source of information on the supply of units of similar attribute to derive their bargaining power. In this paper, we attempt to find out the determinants of the cash-over-valuation. As we do not have valuation data on the appraisal reports, we derive the valuation using the Hedonic Regression approach to proxy the sales comparison approach. As the cash-over-valuations for each district are published for some years, we use them to corroborate our valuation. After controlling for possible market exuberance and anchoring behavior, we found preliminary evidence that the valuation reports serve to inform the scarcity of property and determine the bargaining strength of seller. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2013_65&r=sea |
| By: | Chin, Lawrence; Husaini, Nur Khairun |
| Abstract: | Housing is a commodity of variable uses, equipped with unique characteristics attributable to internal and external factors, each playing a major role in determining its inherent value. Location theories were developed by early economists to explain the pattern of land use by providing solutions to the problems associated with the optimal use of the land. Improvements in accessibility are expected to generate positive effects on house prices since commuting would be enhanced. Additionally, transportation networks would attract different types of activities for the work, live and play lifestyles for the residents.The objective of the study is to examine the effects of an Integrated Transport Hub (ITH) as an urban planning policy on the prices of public residential estates in Singapore. A controlled empirical study is conducted using the Bukit Panjang Transport Hub to examine the differences in resale prices between units located in the influence and the control areas. Hedonic regression methodology is applied to analyse the impact of the transport mode on the neighbouring residential properties. The hypothesis was formed on the premise that ITHs would generate a housing premium on units located in the influence areas, using walking distance to distinguish between units located near to or away from the transport hub. The findings from the multiple linear regression support the hypothesis when a premium of 12.6% was recorded for units within the influence area.The significance of the study is useful to assist in planning of public transport and its likely influence on prices in the housing market. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2013_42&r=sea |
| By: | Heurkens, Erwin; Squires, Graham |
| Abstract: | If context is everything, can a comparative approach produce any meaningful contribution? For research in real estate, focusing on the principles of real estate markets (e.g. Dent et al., 2012), real estate development (e.g. Miles et al., 2007; Peiser & Hamilton, 2012), and real estate finance and investment (e.g. Brueggeman & Fisher, 2010) are often geographically bounded and/or specific to a sector or market. Hence, to a certain degree these studies lack full potential to explain and comprehend the interdependency, complexity and challenges of real estate development. Adams & Tiesdell (2012) provided a thorough conceptual overview of real estate development characteristics in relation to planning on an urban scale - although these matters are not comparatively drawn.However, in a globalizing world, it seems appropriate for scholars and practitioners to obtain a better understanding by comparing the various international real estate development contexts they wish to study or work in (Barkham, 2012). An institutional approach to international real estate has been one such leap to comparatively examine some aspects of development in different geographical contexts (Seabrooke et al, 2004). This may help to move beyond technocratic real estate valuation and appraisal methods, towards a wider understanding of how the conditions for real estate development become effective in different markets. Moreover, in the light of the enduring economic stagnation in Western countries, there seems to be an increased need for and interest in new perspectives and insights from successful foreign real estate development practices, as valuable lessons might be drawn from them. Nevertheless, such a comparative international perspective on real estate development provides some research challenges in terms of methodology. Therefore, first this paper examines the methodological challenges of international comparative and lesson-drawing research (e.g. Heurkens, 2012). Second, it provides a comparative model containing various characteristics and criteria by which different real estate development contexts in Europe, North America, South America, Asia, and Africa can be compared. Finally, the paper illustrates the applicability and limitations of such comparative model by using some examples of international real estate development practices. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2013_252&r=sea |
| By: | Mori, Masaki; Ong, Seow-Eng; Ooi, Joseph |
| Abstract: | The financial economics literature suggests that the possibility of rare events occurring affects asset pricing dynamics. At the same time, the recent finance literature found that investors often pay only limited attention to relevant information in making their investment decisions and they shift attention allocation once notable events occur.Our study builds upon past asset pricing literature discussing both rare disaster risk and limited attention by first examining the effects of investor attention/inattention to rare disaster risk on asset pricing dynamics. We utilize the earthquake events that have occurred in Japan during the past 10 years as rare disasters and examine their impacts on asset price dynamics within the Japanese Real Estate Investment Trust (J-REITs). Specifically, we study the relationship between the changes in perceived earthquake risk and the J-REITs' stock returns to examine if perceived earthquake risk is priced in J-REIT stocks. We then examine investor attention/inattention to the earthquake risk and its effects on stock returns in two ways. Firstly, we test whether the relationship between the changes in perceived earthquake risk and the J-REITs' stock returns differs based on the published earthquake risk measure of individual J-REITs, called Probable Maximum Loss (PML) during the past 10 years. Secondly, we focus on price movements after the starts of earthquake events to examine if investors alter their attention allocation once earthquake events provoke their fear and awareness of earthquake events. The relationship between rare disaster risk and stock returns has been only recently empirically examined in the finance literature. However, the literature has provided no direct empirical support for the assertion that investors actually pay attention to rare disaster risk. Thus, our study will shed new light on the discussions on the effects of rare disaster risk and the impacts of investors' limited attention on asset pricing dynamics by examining the interrelationship between these two concepts. This study also contributes to the REIT literature, revealing how earthquake risk is priced in REITs in earthquake-prone countries. This is important, since more and more REIT markets are being developed in several countries, notably in some Asian countries that are prone to earthquakes. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2013_38&r=sea |
| By: | Kritiyachotipakorn, Kitima; Panichpathom, Supeecha; Sriboonjit, Jittaporn; Rattanaprichavej, Niti |
| Abstract: | The duration of the lease may be different, depending on the country. In Thailand, the maximum duration of the long-term lease for residential is 30 years. Even though the term of long lease are very restrictive, 30-years leasehold luxury residential properties in the prime area of Central Bangkok are well-received in the market. The purpose of this study is to propose a conceptual framework to explore the influences of multidimensional roles of customer perceived value (CPV) and perceived risk toward both purchase intention and willingness to pay (WTP) for 30 years luxury leasehold residences in Bangkok. The components of CPV are developed based on PERVAL model including function, price, emotion and social value. While the components of perceived risk include performance risk, financial risk, psychological risk and time risk. To complete the purpose of this research, quantitative research approach with the use of questionnaire is employed. The main target respondent is Bangkok residents (both Thais and foreigners) who have heard about or visited 30 years luxury leasehold residences. Three hypotheses are developed: H1: CPV positively influences the purchase intention; H2: Perceived risk negatively influences the purchase intention and H3: Purchase intention positively influences WTP on 30-year leasehold luxury residences. Cronbach's alpha is used to determine the reliability and regression analysis is employed to test hypothesizes. The results will provide an important source of information for luxury leasehold marketers to develop effective marketing strategies that meet customer needs. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2013_141&r=sea |
| By: | Huston, Simon; Mateo-Babiano, Derlie |
| Abstract: | Purpose - We explore the growth patterns and development trends of vertical mixed use (VMU) developments in a variety of cities. VMUs are defined as structures with two or more revenue producing uses or land use activities on a single site. One view is that sustainable city development requires densification via VMU construction on brown field sites (within the existing inner city footprint). Design/methodology/approach - After a systematic review of the notion of VMU buildings, we conduct a macro- analytical review of across an, albeit limited, selection of European and Asian cities (Helsinki and Manila). In the micro-urban phase, we investigate VMUs within the main study location (Brisbane CBD). Specifically, we audit VMUs number, location and relative financial and non-financial performance. To evaluate VMU planning merits in the light of local codes and regulations, we adapt and apply Hoppenbrouwer and Louw's model.Findings - We found urban sustainability a complex notion without simplistic solutions. Certainly, VMU is not a 'silver bullet'. The mixed-use notion though has gained ground in some urban regeneration circles. Developers concurred that VMU communities now appeal to an emerging demographic who values accessibility and entertainment. However, developers articulated some concerns about escalating VMU construction cost caused by - Design, staging and funding complexity, and;- Unfavourable regulatory and development controls Research limitations/implications - Further operation research needed on VMU buildings in range of cities.Practical implications - Need for collaboration between developers and planners to facilitate elegant and inexpensive VMU design for streamlined planning.Social implications - If poorly conceptualised and regulated, VMU rollout will detract from not enhance sustainability and reduce not increase housing affordability.Originality/value - The project is the first systematic study of VMU in a growing Sunbelt metropolis. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2013_54&r=sea |
| By: | Sangkakoon, Polek |
| Abstract: | PurposeThe purpose of this paper is to study the importance of various reference groups which influence the intention to buy a house for the family living in Thailand. Since a house is a durable asset with a high price compared to earned income of the Thai citizens. Moreover, Thai style living is still more of an extended family. Therefore the decision made on acquiring such asset by a decision maker is normally came from many influences, which may include several generations in a family. methodology​The study adopted the well known theory of planned behavior (TPB) of Ajzen. A survey was conducted with the selected target group under the condition that a decision maker on home buying, are likely to be influenced by many reference groups. A total of 180 samples was collected through the online questionnaire, placing in the Google Doc.FindingsAnalysis tools are factor analysis and regression analysis. The hypothesized dimensions of influencing groups, subjective norm of TPB, are the decision maker’s spouse, their children, their elderly and friends. Factor analysis supports the 4 dimensions of subjective norm variables: spouse, children, elderly parents and friends. When all influential groups are combined into subjective norm construct together with other two important constructs of TPB which are attitude towards behavior and perceived behavioral control, the linear regression analysis shows that all 3 latent variables statistically influence change in home purchase intention. However, children seem to be the most influential dimension under subjective norm, followed by spouse. While elderly parents and friends reveal less Influence under subjective norm.ImplicationsThis study helps identifying influential groups affecting the intention to purchase a house of working age decision makers where those influences are associated with designing the product to suit consumer buying power. Marketers should take these findings into consideration while designing and implementing their marketing strategies.OriginalityThis paper proposes a concept relating to Thai culture where a family often stays in a large family home. It is believed that the parents will have an influence on the intention to buy a house. However, when the idea of ​​creating your own family comes, the influence of the reference group is evolving. This study divided the influential group into 4 dimensions according to the clarity of educational reference group effects of the subject |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2014_191&r=sea |
| By: | Shiem-Shin, Danny Then; Jensen, Per Anker; Santovito, Rogerio Fonseca |
| Abstract: | Purpose - The purpose of this paper is to present a model for Real Estate/Facility Management alignment, and to validate it based on questionnaire surveys carried out in a number of countries around the world.Design/methodology/approach - The model for FM alignment is inspired by the work of the fathers of the Balanced Scorecard in their book “Alignment� (Kaplan and Norton, 2006). The model includes a number of criteria for alignment between business needs, facility solutions, FM services and FM resources. Three multi-year questionnaire surveys were conducted using the same methodology, in different languages: English, Portuguese and Danish. Respondents were senior professionals in the area of Real Estate/Property/Facility Management, mostly working at strategic levels, and representing countries in Asia, Australia, Europe, North America, and South America. The results of the surveys were combined and then analysed, using both discourse analysis and statistical tests to validate them. Differences in the priorities of the alignment criteria are described and analyzed.Findings - A main result of the surveys is that all of the alignment criteria were seen as relevant and useful in near all countries, but the priorities accorded to the different criteria varied a lot for some of the alignment variables in the different countries. The highest degree of agreement was on capacity, being the most important criteria for the alignment between supply and demand of facility solutions in relation to business needs. One of the main differences was between the importance of strategy versus cost in the alignment between facility solutions and FM services.Research limitations/implications - The validity and value of the model was evaluated positive in all countries, but by far most positive in USA and least positive Europe. Although the survey results might be limited in terms of a broader generalization, this was not the main purpose of the research, but rather the test of hypotheses about alignment criteria and their validation by professionals, thus enabling further developments of the framework.Originality/value - Alignment to business needs is an essential management task of great importance for Facilities Management in order to create added value to the core business. Moreover, as companies go increasingly global, an international comparative study of these priorities becomes more relevant. However, there has been limited research into such alignment. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2013_349&r=sea |
| By: | Ismail, Rahah |
| Abstract: | There are a lot of concern both by public at large and the government on the inflated house price in the housing market, fearing that it could lead to property bubble and raises the issue of affordability. On a closer look at the property transactions data, it was observed that the main increase in the house price is often related to the primary housing market, i.e. new supply in the housing market whereas the sales price of existing supply, or the secondary market, remains stable or increase marginally. What is more baffling is that the two markets are sometimes in the same location, with same accessibility, with units available for sale but the sales price of houses in these market shows a marked difference. It is grounded in theory that price is a function of demand and supply. However, if supply is in abundance in the secondary market, what causes the price differentiation between these two markets. This research attempts to unravel the inflated house price in the primary market. First, the research investigates on market efficiency i.e. the extent of dissemination of sales information of both housing in the primary and secondary market. Second, it explores the level of complexity/ease in purchasing houses in the primary and secondary market. Third, it examines the costs of purchasing houses in the two markets to the purchasers. Fourth, it looks at what the housing in the primary and secondary market has to offer in terms of facilities, amenities, design and technology.This research involves looking at published data in the Annual Property Market report, interview with the Malaysian Association of Estate Agents, Residential Housing Developers Association, Auctioneers as well as survey using questionnaires to purchasers of new housing.At the end of this research, it will give an understanding why purchasers are willing to pay more for houses in the primary market, whilst similar housing in the same locality is available in the secondary housing market. The research will suggest what can be done to reduce the price gap between the primary and secondary market. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2013_44&r=sea |
| By: | Andras Fulop (ESSEC Business School, Paris-Singapore); Jun Yu (Singapore Management University, School of Economics) |
| Abstract: | We develop a new asset price model where the dynamic structure of the asset price, after the fundamental value is removed, is subject to two different regimes. One regime reflects the norma period where the asset price divided by the divided is assumed to follow a mean-reverting process around a stochastic long run mean. This latter is allowed to account for possible smooth structural change. The second regime reflects the bubble period with explosive behavior. Stochastic switches between two regimes and non-constant probabilities of exit from the bubble regime are both allowed. A bayesian learning approach is employed to jointly estimate the latent states and the model parameters in real time. An important feature of our Bayesian method is that we are able to deal with parameter uncertainty; and at the same time, to learn about the states and the parameters sequentially, allowing for real time model analysis. This feature is particularly useful for market surveillance. Analysis using simulated data reveals that our method has better power for detecting bubbles compared to existing altnerative procedures. Empirical analysis using price/dividend ratios of S&P500 highlights the advantages of our method. |
| Keywords: | Parameter Learning, Markov Switching, MCMC |
| JEL: | C11 C13 C32 G12 |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:siu:wpaper:04-2014&r=sea |
| By: | Tao Zeng (Singapore Management University); Yong Li (Renmin University of China); Jun Yu (Singapore Management University, School of Economics) |
| Abstract: | Vector Autoregression (VAR) has been a standard empirical tool used in macroeconomics and finance. In this paper we discuss how to compare alternative VAR models after they are estimated by Bayesian MCMC methods. In particular we apply a robust version of deviance information criterion (RDIC) recently developed in Li et al. (2014b) to determine the best candidate model. RDIC is a better information criterion than the widely used deviance information criterion (DIC) when latent variables are involved in candidate models. Empirical analysis using US data shows that the optimal model selected by RDIC can be different from that by DIC. |
| Keywords: | Bayes factor, DIC; VAR models; Markov Chain Monte Carlo. |
| JEL: | C11 C12 G12 |
| Date: | 2014–06 |
| URL: | http://d.repec.org/n?u=RePEc:siu:wpaper:01-2014&r=sea |