Price Rigidity and Vacancy Rates: The Framing Effect on Rental Housing Markets

The Journal of Real Estate Finance and Economics - This paper proposes a new explanation for housing rent price rigidity. When high inflation or low inflation occurs, the bargaining process for new...     

Technology acquisition models for fast followers in high-technological markets: an empirical analysis of the LED industry

The rapid rate of technology obsolescence in many high-technology markets makes it imperative for firms to renew their technological bases constantly. Given its critical importance, the technology acquisition from the fast followers’ perspective needs to be the subject of careful analysis. This paper aims to identify the factors influencing fast-follower firms’ choice of technology acquisition model, using a multi-factorial analysis and taking into account their technological capabilities, marketing capabilities, and environmental risk tradeoffs. This study sourced data from the Securities Data Company (SDC) Platinum Database for a total of 205 instances of technological cooperation between technology holders and fast followers in the LED industry. Based on the empirical results, some significant findings were found. First, regarding technological capabilities, when fast-follower firms had greater R&D, complementary manufacturing capabilities, and technological similarities with the partners, they preferred the acquisition model that required higher resource commitments. Secondly, when fast followers had marketing channel advantages, they were more likely to choose a high resource-commitment acquisition model to obtain time-to-market benefits.     

Asymmetric Fluctuating Behavior of China's Housing Prices

The present study explains the reasons for the imbalanced development of the Chinese housing market. Using the quantile autoregression unit‐root test, we examine housing prices in China's five major cities. The results show that the rising and falling of housing prices in these cities exhibits asymmetric reversion. When housing prices fall, market capital is highly sensitive to housing prices, and housing prices resist the pressure to fall further. However, when housing prices rise, the housing market becomes imbalanced, with housing prices tending to overreact in an upturn. The results of this study indicate that when housing prices rise irrationally, the government should intervene in the housing market promptly to prevent housing bubbles.     

Innovation Capacity and the Implementation of Eco‐innovation: Toward a Contingency Perspective

This study develops a framework by drawing on the perspectives of contingency theory to investigate how innovation capacity affects eco‐innovation. The examination covers four moderators, including customer requirement, export destination, environmental regulation and government subsidy, and focuses on the types of eco‐innovation concerning pollution and waste. A sample of 2964 manufacturing firms from the Taiwanese Technological Innovation Survey is utilized to test the hypotheses. A moderated hierarchical logit method is adopted to analyze the data. The results overall suggest that the effect of innovation capacity on eco‐innovation depends on the levels of the four moderators. Specifically, the results show that innovation capacity has different effects on eco‐innovation when customers have a demand for eco‐innovation, export markets have high environmental awareness, future environmental regulations are expected, and the government provides a subsidy for environmental innovation. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

Analysis of career competency of food and beverage managers in international tourist hotels in Taiwan

The purpose of this study is to establish indicators of career competencies of food and beverage managers in international tourist hotels in Taiwan. Panel discussions and the Delphi technique were adopted. Two panel discussions were conducted with a total of 11 industry experts and seven academic experts. The framework of career competencies was established based on these experts’ opinions. Delphi questionnaires were sent to 23 experts 13 in the hospitality industry and ten academic experts to collect data. By using such questionnaire twice, the 23 panelists reached a stable consensus. The results indicate career competencies include two categories: (1) career planning and development, and (2) core employability. The data demonstrated that the core employability competency was slightly more important for an individual's career development than the career development and planning competency.     

The Impact of Tourism Resources on Tourism Real Estate Value

Leisure and tourism facilities are known to influence property value. Previous studies have found natural resources to have a positive impact on the price of surrounding properties. More recently, scholars have turned their attention to “built” tourism resources, such as resorts and sports facilities. “Tourism real estate” emerged in China in the 1990s. Contrary to traditional housing projects, tourism real estate is characterized by the development of large-scale tourism resources (e.g. resorts and theme parks) along with residential properties, under the assumption that they would increase property value. However, the effects of such “built” tourism resources on housing value have not been empirically examined. This study investigates the determinants of tourism real estate prices, with an emphasis on the impact of theme parks. A hedonic pricing model was built using a sample of 294 real estate transactions in the Overseas Chinese Town area of Shenzhen, China. Findings indicated that while distance to metro and the architectural features of the property itself had significant positive effects on tourism real estate value, distance to theme parks was found to have a negative effect on price. As the constructions of theme parks alongside residential/vacation properties represent a typical model of tourism real estate, findings urge the industry to reconsider the development of theme parks and its impact on the surrounding environment.     

Perceived ease of use in prior e‐commerce experiences: A hierarchical model for its motivational antecedents

This study develops and tests a theoretical model to evaluate the motivational factors behind perceived ease of use in prior e‐commerce experiences. This hierarchical model includes need for arousal as the independent variable; general self‐efficacy, technological innovativeness, and consumer self‐determination as the mediating variables; and perceived ease of use in prior e‐commerce experiences as the dependent variable. Tested by data generated from a survey of 290 consumers, the model yields satisfactory fit and contributes to the literature by adding more intrinsically motivational variables to predict perceived ease of use. Practical and academic implications are also discussed. © 2010 Wiley Periodicals, Inc.     

The Impacts of Surrender Options on Reserve Durations

Estimating the interest rate risk of life insurance reserves is essential for insurers, and surrender options are critical to the estimation. This article advances our understanding of how surrender options affect the durations of reserves. We identify a pattern of the reserve duration with respect to the interest rate that is important in explaining how surrender rate levels and the interest-rate sensitivity of surrenders affect reserve durations. We further found that the surrender behavior that is more positively related to the interest rate produces larger/smaller effective dollar durations when the interest rate is low/high.