The causal relationships between residential property prices and rentals in Hong Kong: 1982–1991

This study examines the causal relationships between sale price changes and rental rate changes in the Hong Kong real estate market. Three different hypotheses are put forth: 1) the demands in the two markets are substitutes, 2) prices and rentals are positively correlated; and 3) prices and rentals are not correlated because of market segmentation. Using quarterly data of sale prices and rental rates for the five categories of residential property from four different districts, causal relationships are not found in 29 cases out of 40. For the other 11 cases, we find that price changes lead rental rate changes. The lag period is found to be one quarter, and this shows that the two markets are efficient: only one quarterly lag is necessary to establish causality where it exists.     

Visualization of multi-scale dynamics of hydrous cold plumes at subduction zones

Recent increases in the computational power of high-performance computing systems have led to a large gap between the high-resolution runs of numerical simulations—typically approaching 50–100 million tracers and 1–5 million grid points in two dimensions—and the modest resolution of 1–2 million pixels for conventional display devices. This technical problem is further compounded by the variety of fields produced by numerical simulations and the limited bandwidth available through the Internet in the course of collaborative ventures. We have developed a visualization system using the paradigm of web-based inquiry to address these mounting problems. We have employed, as a case study, a problem involving two-dimensional multi-scale dynamics of hydrous cold plumes at subduction zones. A Lagrangian marker method, in which the number of markers varies dynamically, is used to delineate the many different fields, such as temperature, viscosity, strain, and chemical composition. We found commercially available software to be insufficient for our visualization needs and so we were driven to develop a new set of tools tailored to high-resolution, multi-aspect, multi-scale simulations, and adaptable to many other applications in which large datasets involving tens of millions of tracers with many different fields are prevalent. In order to address this gap in visualization techniques, we have developed solutions for remote visualization and for local visualization. Our remote visualization solution is a web-based, zoomable image service (WEB-IS) that requires minimal bandwidth while allowing the user to explore our data through time, across many thermo–physical properties, and through different spatial scales. For local visualization, we found it optimal to use bandwidth-intensive, high-resolution display walls for performing parallel visualization in order to best comprehend the causal and temporal relationships between the multiple physical and chemical properties in a simulation.     

Dual aspects of mantle convection through time: Changes in global upper mantle temperature,Earth’s rotation,and global plate motion acceleration induced by mantle avalanches

We use modern and novel techniques to study the problems associated with detection and analysis of multitudinous seismic events, which form the background for isolated great earthquakes. This new approach involves multivariate analysis of low and large magnitude events recorded in space over a couple of centuries in time. We propose here the deployment of the clustering scheme both for extracting small local structures and large-scale trends in synthetic data obtained from four numerically simulated models with: uniform properties (U), a Parkfield-type asperity (A), fractal brittle properties (F), and multi-size-heterogeneity fault zone (M). The mutual nearest neighbor (mnn) clustering scheme allows for extraction of multi-resolutional seismic anomalies in both the spatio-temporal and multi-dimensional feature space. We demonstrate that the large earthquakes are correlated with a certain pathway of smaller events. Visualization of the anomalies by using a recently introduced visualization package Amira reveals clearly the spatio-temporal relationships between clusters of small, medium and large earthquakes, indicating significant stress relaxation across the entire fault region. We demonstrate that this mnn scheme can extract distinct clusters of the smallest events, which precede and follow a singularly large magnitude earthquake. These clusters form larger spatio-temporal structures comprising a series of large earthquakes. The link between the large and medium magnitude events is not so clearly understood. Short-ranged correlations are dominated by strong spatio-temporal anomalies, thus reflecting the global seismic properties of the entire fault zone.     

Forecasting exchange rates with elliptically symmetric principal components

We extract elliptically symmetric principal components from a panel of 17 OECD exchange rates and use the deviations from the components to forecast future exchange rate movements, following the method in Engel et al. (2015). Instead of using standard factor models, we apply elliptically symmetric principal component analysis (ESPCA), introduced by Solat and Spanos (2018), which captures both contemporaneous and temporal co-variation among the exchange rates. We find that ESPCA is more accurate than forecasts generated by existing standard methods and the random walk model, with or without including macroeconomic fundamentals.     

The accountability demand for information in China and the US – A research note

This study replicated Evans, Heiman-Hoffman and Rau’s (hereafter, EHR) [Evans, J. H., III, Heiman-Hoffman, V. B., & Rau, S. (1994). The accountability demand for information. Journal of Management Accounting Research, 6, 24–42] US study, using Chinese MBA students as participants. The Chinese students acted as owners and selected one of two control systems. One control system requires truthful reporting and the other control system permits the manager to falsify the report. The two systems have the same expected payoff to the owner if the owner believes that the manager will always lie when given the opportunity. If the owner believes that there is any probability that the manager will tell the truth, then the more Lenient System has the higher expected payoff. We compared the US versus Chinese control system choices, and examined whether the Chinese owner-participants would be willing to sacrifice wealth to get accountability. The results indicate that a significant proportion of Chinese participants do have an accountability demand for information, and that this proportion is at least as high as that of the US participants in EHR.     

The growth of point source plumes at Rayleigh numbers up to 108 and Prandtl numbers up to 1000

Two-dimensional numerical simulations were conducted of the growth of thermal plumes from a point heat source at Rayleigh numbers up to 108 and Prandtl numbers up to 1000. Scaling the convection equations by the free fall velocity rather than the thermal diffusivity, increased the Prandtl number range available to numerical simulation by one order of magnitude from Prandtl number 100 to 1000. We present animations showing how the plumes grow with time for different Prandtl numbers. Plumes with Prandtl numbers around 7 (water) were found to be unstable to sinuous instabilities; whereas those at Prandtl numbers of 1000 had straight stems and fewer sinuous instabilities. Wavelet analysis was used to analyze the scales at which plumes initiated, and the scales at which sinuous instabilities occurred. The scale of both the plume structures and instabilities was found to decrease with Prandtl number.     

Maintaining competitiveness of aviation hub: Empirical evidence of visitors to China via Hong Kong by air transport

Prior studies have not extensively researched and explored the key determinants (aviation and tourism attributes) that could affect Hong Kong’s competitiveness as a transit hub for international visitors using Hong Kong as a stopover to Chinese cities when travelling by air. This study adds to that knowledge to empirically investigate Hong Kong’s eight major tourist source markets (Germany, India, Japan, Singapore, South Korea, Taiwan, the UK, and the US), and also provides an insight to policy-makers in Hong Kong to help them understand the factors that influence Hong Kong’s aviation hub competitiveness and tourism development. The findings of the study suggest that increased air transport capacity from foreign countries and Hong Kong to China, trade volumes between China and its trading partners, air transport costs, and the global financial crisis are the key factors affecting the number of visitors to China by air passing through Hong Kong as their preferred stopover. The policy implications of the findings are discussed.     

A Study on Ethically Problematic Selling Methods in China with a Broaden Concept of Gray-marketing

This paper expands the definition of gray-marketing to include some ethically problematic marketing activities and techniques used in personal selling in China. Based on this, a conceptual model of gray-marketing for a particular type of selling in which both the sellers and the buyers exhibit problematic ethics in an exchange and the associated hypotheses are developed and tested. The findings show that, first, the respondents have different ethical evaluations of different marketing practices used in personal selling such as giving and accepting gifts, buying and accepting meals, and offering and accepting kickbacks. Some of these practices may not be considered unethical. Second, in terms of ethical assessment, gray-marketing practiced by buying agents is more unacceptable than when practiced by sales agents. Third, a person’s ethical evaluation of gray-marketing behavior, empathy for gray-marketing, and belief that gray-marketing has serious consequences, significantly affects his inclination to use gray-marketing. This paper concludes with a discussion of some possible applications of our research findings. Both authors contributed equally to this work. Guijun Zhuang (Ph.D., City University of Hong Kong) is a professor of marketing in the School of Management, Xi’an Jiaotong University, Xi’an, the People’s Republic of China. His current research interests include marketing channel behaviors, relationship marketing, and consumer choice. He has published in European Journal of Marketing, Industrial Marketing Management, Journal of International Consumer Marketing, and many leading marketing and management journals in China. Alex S.L. Tsang (Ph.D., City University of Hong Kong) is an assistant professor at the Department of Marketing, Hong Kong Baptist University. His research currently focuses on cross-cultural consumer behavior, marketing in China, and marketing communication. He has published in Journal of Business Research, European Journal of Marketing, and Business Horizons, among others.     

Endorsement advertising in aboriginal tourism: an experiment in Taiwan

Aboriginal cultures have become important tourism attractions worldwide. Cultural villages provide ready access to selected aspects of these cultures in a staged format. They package and promote culture to tourists. Advertising is one component of the promotional mix. Using brochures as the advertising media, the objective of this research is to ascertain the types of advertising endorsers and advertising appeals that are most likely to be successful in attracting visitors to such cultural villages. Adopting an experimental approach, a two‐factor experimental design is manipulated. The causal effect is obtained by using MANOVA and Scheffe tests. The findings are twofold:

• (1) the advertising effectiveness of using an aboriginal employee is better than using other types of endorsers;
• (2) an emotional advertising appeal elicits a better response than a rational advertising appeal. Copyright © 2005 John Wiley & Sons, Ltd.