Stickiness of Rental Rates and Developers’ Option Exercise Strategies

In this study we incorporate sticky rents into a real options model to rationalize the widely documented overbuilding puzzle in real estate markets. Given the assumption that developers’ objective function is to maximize total revenue by selecting an optimal occupancy level, our model provides a better explanation of the phenomena we observed in the real world than the traditional market-clearance based real options models. We also show that developers’ exercise strategies can be affected by the size and the type of property markets. In other words, developers’ exercise strategies could differ among markets and under different conditions. Submitted to Cambridge—Maastricht 2005 Symposium.     

Authority and communication in the laboratory

We report findings from experiments on two delegation–communication games. An uninformed principal chooses whether to fully delegate her decision-making authority to an informed agent or to retain the authority and communicate with the agent via cheap talk to obtain decision-relevant information. In the game in which the delegation outcome is payoff-dominated by both the truthful and the babbling communication outcomes, we find that principal-subjects almost always retain their authority and agent-subjects communicate truthfully. Significantly more choices of delegation than of communication are observed in another game in which the delegation outcome payoff-dominates the unique babbling communication outcome; yet there is a non-negligible fraction of principal-subjects who holds on to their authority and agent-subjects who transmits some information. A level-k analysis of the game indicates that a principal-subject “under-delegates” due to the belief that her less-than-fully-strategic opponent will provide information; such belief is in turn consistent with the actual play.     

The role of domestic demand in the economic growth of Malaysia: a cointegration analysis

For the past four decades (1961-2000), the Malaysian economy grew at an impressive average rate of 6.8% per annum. The rapid growth has been attributed, in part, to the tremendous success in the export-oriented industrialization policy. Several empirical studies on export-led growth for Malaysia have, however, led to inconclusive and mixed results. This may be due to the exclusion of domestic demand in the bivariate or multivariate models used in the studies. This study re-examines the role of domestic demand in economic growth in Malaysia. Using a three-variable cointegration analysis, the study shows that there exist short run bilateral causalities among the three variables, which implies that both the export-led growth and domestic demand-generated growth hypotheses are at least valid in the short run. On the other hand, the results are not supportive of the export-led growth hypothesis in the long run. Instead, the highly significant positive impact of domestic expenditure on economic growth implies that use of domestic demand as the catalyst for growth is appropriate.     

全面减免东盟关税对中国宏观经济和产业影响的可计算一般均衡分析

Chingem模型是一个中国静态CGE模型.本文在Chingem模型的基础上,分析了2010年中国全面减免东盟原六国关税对中国宏观经济和产业的长期影响.在原模型的基础上,改进了宏观闭合条件.将原来作为剩余量处理的居民消费与居民收入联系起来,使经济增长会作用到居民消费,使模拟结果更加符合实际.研究表明全面减免对东盟的关税有利于我国经济的和谐发展;减少了经济增长对净出口的依赖;促进了进、出口商品结构的升级;促进了服务业的发展,但农业和制造业的一些部门会受到负面影响;制造业的就业会下降,服务业和农业的就业会上升.     

地方政府利益、地方政府行为与经济增长

目前,对中国地方政府的经济行为的研究强调了在经济转型过程中地方政府在多样化的地方经济发展模式中的主导作用,注意到了地方政府目标的多重性,本地区社会福利最大化,政府利益最大化以及中央政府的满意程度等。对地方政府在公共产品的提供、就业、收入分配、实现社会公平等方面行为不到位方面的研究是从定性方法来论证。本文试图在定性分析基础上建立一些基本的数学模型为将来的计量研究提供一个模型框架。     

A new look at factors influencing total quality management failure: work process control or workforce control?

By drawing on multi-case data, there is some evidence to suggest that total quality management (TQM) effectiveness can be viewed as a direct function of the controlling mechanisms that senior managers created prior to TQM implementation. More importantly, control tools of TQM were not used by non-managerial employees, with which they could reduce variability or achieve uniformity; rather, they were regarded as a weapon used by their managers against them.     

家电行业绿色供应链构建研究

电子废弃物是21世纪增长最快的垃圾之一,传统的处理方式不仅会对生态环境造成严重的污染,同时也是对可再生资源的一种浪费.本文介绍了国外发达国家针对电子废弃物所颁布的相关法令法规,分析了我国目前对电子废弃物处理的现状,在"4R"原则的指导下,对如何构建家电行业绿色供应链以及不同的回收方式进行了探讨.     

Shock-dependent conditional skewness in international aggregate stock markets

This article uses the S_U-normal distribution to model the dynamic behavior of skewness in ten international aggregate stock indices—five indices each from developed and emerging markets. The conditional skewness process is specified as both autoregressive and dependent on lagged return shocks. Our primary result is that a negative return shock skews the time-varying distribution to the right for mature markets but to the left for emerging markets. In addition, we find that the asymmetry in volatility is noticeably larger in developed markets than in emerging markets. Finally, including the skewness process in modeling has no effect on the asymmetry and persistence in volatility obtained. These results are different from those of previous studies, which demonstrate the existence of both effects.     

The dynamic unsubstitutability of sterilization operations and neutral-intervention operations under dual exchange rates

The purpose of this paper is to examine whether neutral-intervention operations are a substitute for sterilization operations under the dual-exchange regime from the viewpoint of dynamic adjustment. It is found that both operations will generate quite different behavior throughout the adjustment process, although they are substitutable from the viewpoint of insulating money supply from the status of the current account. In addition, we also found that if the monetary authorities either intervene in the financial foreign exchange market or undertake sterilization operations in the open market, the dual-exchange regime will lose its insulation function to external financial disturbances.     

Groups Formation and Operations in the Web 2.0 Environment and Social Networks

The Internet and the Web are evolving to a platform for collaboration, sharing, innovation and user-created content—the so-called Web 2.0 environment. This environment includes social and business networks, and it is influencing what people do on the Web and intranets, individually and in groups. This paper describes the Web 2.0 environment, its tools, applications, characteristics. It also describes various types of online groups, especially social networks, and how they operate in the Web 2.0 environment. Of special interest is the way organization members communicate and collaborate mainly via wikis and blogs. In addition, the paper includes a proposed triad relational model (Technology–People–Community) of social/work life on the Internet. Particularly, social/work groups are becoming sustainable because of the incentives for participants to connect and network with other users. A discussion of group dynamics that is based on the human needs for trust, support, and sharing, regardless if the setting is a physical or virtual one, follows. Finally, future research directions are outlined.