First‐Price Sealed‐Bid Tender versus English Open Auction: Evidence from Land Auctions

This article compares whether the first‐price sealed‐bid tender or the ascending English open auction generates higher revenue for the seller. Using a unique set of data for land sales and accounting for the presence of an endogenous discrete mechanism choice variable, our results show that the first‐price sealed‐bid tender generates a lower land price, in the range of 1.2–9.6%, than the English open auction. Our results validate the theoretical prediction that open auctions result in higher prices because bidders can infer other bidders’ information by observing their bids in the common value auction paradigm.     

Foreign exchange market efficiency under recent crises: Asia-Pacific focus

The Asia-Pacific region’s currency markets are generally efficient within-country when tested using the 30 and 31 cointegration technique whereas market efficiency fails to hold when tested using Fama’s (1984) conventional regression. Using the Pilbeam and Olmo (2011) model, we reconcile these conflicting findings. The Pilbeam and Olmo (2011) model confirms within-country market efficiency. It further confirms that free-float currency markets are more resilient than managed-float currency markets among 12 Asia-Pacific economies. From the across-country perspective, the foreign exchange markets are mostly efficient and the results show that the 1997–1998 Asian financial crisis was a more disturbing event than the 2008–2009 global financial crisis in the region.     

Critical issues affecting the service quality and professionalism of the tour guides in Hong Kong and Macau

This study examines the critical issues affecting the service quality and professionalism of the tour guiding professions in Hong Kong and Macau. In-depth interviews were conducted with industry representatives in the two regions. The issues identified are classified into six categories: unhealthy business practices of outbound travel agencies in China, immaturity of the Chinese tourism market, exploitative measures by inbound tour operators, human resource issues, role conflict, and service quality assurance mechanism. A conceptual model is proposed to explain the role conflict faced by the guiding professions. The implications of the findings and recommendations for practice and future research are discussed. Given the growing importance of the Chinese tourism market, the findings will be of significant value to Hong Kong and Macau, and to other destinations targeting the Chinese market.     

Professional scepticism in two economies with cultural differences and the public interest: evidence from China and the United States

Auditors’ professional scepticism is a topical concern for the audit profession and public interest. This study examines professional scepticism among fraud auditors in the forensic accounting profession in China (CN) and the United States (US). Data are collected from 373 and 401 CN and US auditors, respectively, in two economies with cultural differences. The multinomial logistic regression results indicate that both CN and US fraud auditors have higher levels of professional scepticism than general auditors do. There are no significant differences in traits between CN and US fraud auditors. High-ranking fraud auditors have higher levels of professional scepticism than junior-ranking fraud auditors for both CN and US auditors. The results of our sensitivity analysis validate the main results and indicate the findings’ robustness. Results support the normative pillar of the institutional theory (Scott 1995) that asserts actors (fraud auditors) of institutions would share common norms and beliefs in a social system because they are rooted in professional affiliations (accounting bodies) (DiMaggio and Powell 1983). Our findings contribute to the literature in the arena of the interests of the public and the economy.     

Notes on separable preferences

Examples are constructed to show that Gorman's important basic theorem for overlapping strictly separable sectors does not hold if the sectors are only nonstrictly separable. This is done with the help of a new definition for the notion of nonstrict separability of utility preferences. The new definition is equivalent to that of Bliss; but it clarifies the relationship between the geometry and representation of preferences with separable sectors. The gained geometric insight leads to the conjecture that if all sectors are strictly essential, then Gorman's Basic Theorem would hold.     

Fundamental Rights and the European Regulation of iConsumer Contracts

This paper addresses the question of how fundamental rights affect European legislation and adjudication on contracts regarding digital information services (iConsumer contracts). Fundamental rights may be seen as representing political choices for the protection of certain values in society, but at the same time, they are enacted rules of the legal system, which may be invoked to enforce the protection of the interests they represent. It is submitted that because of this double-faced nature, they can bring to the fore policy issues in contract legislation and case law. Fundamental rights can thus play a role in evaluating the policy choices that are being made in the review of the acquis communautaire in the field of consumer law. For iConsumer contracts, that means that the rights of consumers, authors, and suppliers of copyright-protected content affect the choice of rule-solutions on the European legislative level. Furthermore, these rights have an impact on the case law of the European Court of Justice in the field of e-commerce. Fundamental rights help define the various rule-solutions the Court can choose from and thus demarcate the law-making capacity of the judiciary.

Experiments in scientific computation on the PlayStation 3

The Sony PlayStation 3 (PS3) offers the computational power of a parallel processor at low cost, which makes it a great starter unit for development in parallel programming. To explore the capabilities of the unit, we took a simple ray tracing program and extended it to render triangulated height field data across the PS3’s 6 synergistic processing units (SPUs). We also implemented the heat averaging equation as a precursor to CFD analysis on the PS3. In our studies, we found the Cell engine in the PS3 to be a powerful machine, however great care must be taken while developing because its unique platform calls for many levels of optimization to ensure efficiency.     

Visualization of time-dependent dynamics of postglacial rebound

Postglacial rebound is a major geological process which plays an important role in many areas in the earth sciences. Up to now, most of the images derived from studies of the glacial isostatic adjustment phenomenon have been concerned with surface signatures, such as the uplift and gravity anomalies and not much attention has been paid on the dynamical responses in the mantle. We will make use of the 3D visualization package Amira to depict both the external and internal deformation histories of the transient viscoelastic flow inside the mantle induced by postglacial uplift. Of particularly great interest are the transient displacement fields and shear heating inside the mantle. This same visualization technology can be brought to bear in the future for visualizing tsunami waves in ocean basins excited by earthquakes, volcanic eruptions and InSAR images. We have also integrated the visualization results into the Google Earth virtual globe by combining this scheme with the Amira package to provide a better geographical and dynamical context.     

BIASES IN RESEARCH: THE CASE OF RUBBER GROWING IN MALAYSIA

This paper measures the impact of technological progress in Malaysian rubber growing and tests the hypothesis that past research has been biased in favour of raising the productivity of capital rather than labour. It also demonstrates the methodological usefulness, in relation to a long-lived perennial crop, of separating embodied from disembodied technical change. The analysis indicates that research leading to new embodied technology has not been biased since it has raised the productivity of all input factors at about the same rate over time. However, disembodied technological change has not shifted the production hypersurface in an unambiguously neutral fashion. These results are especially pertinent to the debate about the future direction of rubber growing research.