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Asymmetric Information and Residential Entrepreneurs’ Choice on Provision of House Fittings
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Running a real estate business is risky; it requires heavy capital investment in land, professional training and recruitment. Nevertheless, this huge expenditure does not guarantee a great return, and it is possible to suffer a substantial loss if the entrepreneur makes a wrong decision. Provision of home fittings is one of the risks that the housing entrepreneur faces. Some buyers dislike the fittings and thus decide not to purchase the home. In Hong Kong, land supply is scarce, but demand is huge (7 million people live in a small city with a hilly landscape). Land price occupies a relatively large proportion of the costs in dwelling production. Provision of a towel ring, washing basin, water closet, and other fittings only uses a small proportion of the total costs of construction. Besides, many developers have run their business for years and accumulated sufficient knowledge on buyers’ taste. Nevertheless, in mainland China, especially in areas of low land costs, costs of fittings have become relatively high. The risk of supplying fittings that prospective owners dislike is higher. Many entrepreneurs do not wish to take the risk. This chapter aims at reviewing the asymmetric information and risks that housing entrepreneurs face in mainland China and analysing entrepreneurs’ decision in response to this risk.
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This study investigates the causes of delay of building construction projects in Ghana to determine the most important according to the key project participants; clients, consultants, and contractors. Thirty-two possible causes of delay were identified from the literature and semi-structured interviews of 15 key players in the implementation process. These delay factors were further categorised into nine major groups. The list of delay causes was subjected to a questionnaire survey for the identification of the most important causes of delay. The field survey included 130 respondents made up of 39 contractors, 37 clients and 54 consultants. The relative importance of the individual causes and the groups were calculated and ranked by their relative importance index. The overall results of the study indicate that the respondents generally agree that financial group factors ranked highest among the major factors causing delay in construction projects in Ghana. The financial group factors were delay in honouring payment certificates, difficulty in accessing credit and fluctuation in prices. Materials group factors are second followed by scheduling and controlling factors.
Entrepreneurs have always born the risk of running their business. They reap a profit in return for their risk taking and work. Housing developers are no different. In many countries, such as Australia, the United Kingdom and the United States, they interpret the tastes of the buyers and provide the dwellings they develop with basic fittings such as floor and wall coverings, bathroom fittings and kitchen cupboards. In mainland China, however, in most of the developments, units or houses are sold without floor or wall coverings, kitchen or bathroom fittings. What is the motive behind this choice? This paper analyses the factors affecting housing developers’ decisions to provide fittings based on 1701 housing developments in Hangzhou, Chongqing and Hangzhou using a Probit model. The results show that developers build a higher proportion of bare units in mainland China when: 1) there is shortage of housing; 2) land costs are high so that the comparative costs of providing fittings become relatively low.
In the current advanced era, knowledge and the applications of it are the essence of organizations for achieving competing advantage and defined as a new strategic approach to innovation and a potential element for creating larger market share. Understanding the knowledge management process in terms of banking sector will highlight how it influences organizational performance. In a developing country like Iran, it is also showing signs of competition and improved performance through knowledge management; however whether the knowledge management process is practiced in Iranian banks is still to be explored. In response to this need, this research explores the key processes and technologies of knowledge management being used in the commercial banks of Iran in order to give an insight for bankers and strategist to understand its importance.
An enduring paradox of China’s remarkable economic growth is the lack of a well-established legal system. By drawing on the credibility thesis, this paper proposes that legal and economic reforms give rise to, and reinforce, the other and the market is underpinned by evolving institutions that are shaped by the expectations of the actors in the economy. It is thus not the form of institutions but their function that is more important in assessing institutional performance. A comparative examination of the USA at a similar stage of legal-institutional development to China provides support for an evolutionary, endogenous process. This institutional analysis will focus on key issues of economic legislation, such as corporate law, patent law and securities. Analyzing the relationship as complementary processes can help explain the paradox of strong economic growth within an under-developed system of law with potential, critical implications for institutional development in other countries.
IntroductionThe most recent housing price cycle in contextHouse price volatilityCauses of house price changesHousing regions?The importance of supplyShifts in real wealth and impacts on labour mobility and general inflationAre there world residential price cycles?Conclusions and policy implicationsNotes
Motivated by the frequently observed link between commercial property price volatility and banking crises, this paper investigates at a macroeconomic level the determination of commercial property prices and the interaction between commercial property prices and bank lending. We develop a reduced-form theoretical model which suggests bank lending is closely related to commercial property prices and that commercial property can develop cycles given plausible assumptions, where the cycles are largely driven by the dynamic linkage between the commercial property sector, bank credit and the macroeconomy. Cross-country empirical analysis based on a sample of 17 developed economies, using a unique dataset collected by the BIS, confirms the model's predictions. An investigation of determinants of commercial property prices shows particularly strong links of credit to commercial property in the countries that experienced banking crises linked to property losses in 1985-95. Further studies of dynamic interaction suggest that commercial property prices are rather "autonomous", in that they tend to cause credit expansion, rather than excessive bank lending boosting property prices. In addition, GDP has an important influence on both commercial property prices and bank credit. The work has implications for risk management and prudential supervision.
There has been a surge in the intelligent content services in the broadcasting and communication sectors as the convergence between the contents of various industries and highly-advanced IT is gathering momentum. As a result, the users can conveniently save, distribute, and disseminate the converged contents using the smart devices that have independent platform. However, there is technical limit in achieving the continuous replay afterfreely converting the single content via the independent devices. Furthermore, children and adolescents are easily exposed to violent and explicit contents amid the growing distribution of smart devices. In this paper, we suggests the OSMU (One-Source Multi-Use) management framework that ensures the fast and convenient use of one single content via the heterogeneous device and the integrated content management that enables the distribution of contents by grade.
Major industrial countries gradually developed from industrialized economies to information- and knowledge-based economies, where people became the most valuable asset to companies due to their abilities and valuable tacit knowledge. Unfortunately tacit knowledge is contained in people's minds, is difficult to access and therefore needs to be captured so it can be shared amongst employees. Concept maps are such a tool that can gather knowledge from individuals and groups, facilitate the knowledge creation process, function as a discussion and communication tool, and assist in the distribution of knowledge and learning processes within an organization. In order to evaluate the value of concept map technology, to gain detailed information about the company's current knowledge management system, the technical infrastructure, and to acquire insight about the possibilities and problems of concept maps, a survey was conducted at a banking company to determine the employees' degree of satisfaction with the current knowledge management system; their familiarity with concept map technology; and their willingness to work with concept maps. The results indicated that the employees are not fully satisfied with the current knowledge management system because of its unstructured character. The company's knowledge workers require, and therefore search for a wide range of knowledge currently spread over a number of different sources. Documents and other sources of knowledge are not sufficiently linked, and do not contain key words or descriptions for complex searches. This influences the acquisition of knowledge and search results negatively. A very positive reaction was thus expressed by employees concerning new concept map technology. Concept maps were familiar to a large portion of the participants, and an even higher percentage said they would use this new technology for knowledge acquisition and distribution. Interviews with several employees and senior managers from the company were also conducted. Insight was gained by applying concept mapping technology to different fields in the company.