Two Decades of Commercial Property Returns: A Repeated-Measures Regression-Based Version of the NCREIF Index

This article documents 20 years of performance of commercial real estate in the United States using a portfolio of properties that comprise the widely followed NCREIF Property Index (NPI). We develop an extension of the repeated-measures regression (RMR) to produce an improved version of the NCREIF Index that eliminates the stale appraisal and seasonality problems. We use this RMR version of the index to examine the magnitude and duration of the of the crash in property values in the early 1990s. The RMR Index is also compared with the NAREIT Index, and property-type subindices are developed using a Bayesian estimator. Finally, it is also shown how the RMR can be used to estimate the average magnitude of random valuation error in commercial property valuation.     

The Construction of Residential Housing Price Indices: A Comparison of Repeat-Sales,Hedonic-Regression,and Hybrid Approaches

This article examines a number of hypotheses that underpin the repeat-sales and hedonic approaches to the construction of housing price indices, as well as the practical problems associated with the implementation of either approach. We also examine a hybrid procedure that combines elements of both the repeat-sales and hedonic-regression techniques. For our sample of individual home sales in Oakland and Fremont California over an 18-year period, repeat-sales methods are subject to sample selection bias; the maintained assumption of time constancy of implicit prices of housing attributes is violated; the repeat-sales estimator is extremely sensitive to influential observations; and the usual method used to correct for heteroskedasticity in repeat-sale housing returns is inappropriate in our sample. Hedonic techniques are better suited to contend with index number problems per se, as they can accommodate changing attribute prices over time. They also appear to give rise to more reliable estimates of price indices, as unusual observations have less effect on estimated price indices. Drawbacks of the hedonic approach include the usual concern with omitted attributes, and their effect on the estimated price index.     

高精度双向互锁铰链结构设计

介绍一种背负式雷达易折叠平板反射阵天线上采用的高精度双向互锁铰链的结构设计。该铰链采用了四轴系双向互锁、粗定位与精确定位转换等技术,实现了天线快速展开和拆收、天线表面装配精度及重复定位精度,从而确保了天线的主要技术指标。     

基于银行卡个人支付手段与支付模式的研究

本文通过分析基于银行卡个人支付手段的交易流程,指出基于POS、ATM传统机具的支付模式存在较大的金融信用风险,并存在资源稀缺性的缺陷;而基于移动终端或电话终端的支付模式比基于POS、ATM的支付更具有可普及性,且金融风险得到了降低;随着生物识别技术的发展,基于生物识别的支付模式可能是未来的一个发展方向。生物识别具有唯一性,在这种模式下,金融风险会得到最大限度的降低。     

The nature of entrepreneurial experience,business failure and comparative optimism

Entrepreneurial (i.e. business ownership) experience may enable some entrepreneurs to temper their comparative optimism in subsequent ventures. The nature of entrepreneurial experience can shape how entrepreneurs adapt. Using data from a representative survey of 576 entrepreneurs in Great Britain, we find that experience with business failure was associated with entrepreneurs who are less likely to report comparative optimism. Portfolio entrepreneurs are less likely to report comparative optimism following failure; however, sequential (also known as serial) entrepreneurs who have experienced failure do not appear to adjust their comparative optimism. Conclusions and implications for entrepreneurs and stakeholders are discussed.     

重复交易模型在土地价格指数编制中的应用研究

研究目的:探讨重复交易模型在土地价格指数编制中的应用。研究方法:理论建模和实证研究相结合。研究结果:用该模型编制出2003—2008年杭州住宅用地价格季度指数,拟合度较好且通过各项统计检验。研究结论:重复交易模型在土地价格指数编制中的应用具有良好的效果。     

Growing competition in the healthcare tourism market and customer retention in medical clinics: New and experienced travellers

This research sought to investigate international medical travellers’ post-purchase decision-making process by utilizing key concepts in medical tourism (i.e. medical product quality, effective communication, satisfaction, switching costs, and past experience [first-time vs. repeat experiences]). A visitor survey was conducted at medical clinics. Results of the structural model generally supported the proposed relationships among study variables. The role of study variables in generating revisit intention was found to differ significantly between new and repeat customers, and the strength of the proposed relationships was generally greater in the repeater group than in the first-timer group. This study also identified the mediating impact of satisfaction and switching costs. Additionally, the prominent role of satisfaction in the proposed theoretical framework was identified. The results of a structural-model comparison also revealed that a quality–satisfaction linkage was stronger than its alternative ordering in the proposed framework. Overall, this study provides great insight into medical travellers’ post-purchase behaviours.     

Development of a Scale for Tourism Facilitators

The purpose of this study was to develop and validate a scale of tourism facilitators that may play a significant role in participating in tourism activities. A scale of tourism facilitators was developed directly from the results in this study. One of the most important findings is that the tourism facilitator scale shows relatively acceptable measurement properties and reasonable levels of fit. The investigation of internal consistency and the CFA of the scale confirm the sufficient reliability and validity of the proposed model. The results also provide evidence that the three dimensions of tourism facilitators were negatively related to the three dimensions of tourism constraints, except for the relationship between intrapersonal facilitators and interpersonal constraints. Future studies should examine other countries to validate a more stable tourism facilitator scale and its relationships with related variables. The further testing of the concept of tourism facilitators can determine the role of facilitators at different stages of the destination decision-making process. The findings also provided preliminary evidence supporting the feasibility and value of using the new instrument as well as its relevance to both fundamental and applied research in investigating tourist behavior.     

食品检验及生物分析中近红外光谱的运用

随着社会的不断发展,食品检验成为人们关注的首要问题。在传统的食品加工中,通常存在着一些安全问题,主要表现为添加剂成分过多、检验过程不规范、技术性落后等。因此,要彻底地控制食品安全问题,就要加强检验中的技术性,运用近红外光谱方式分析样本成分。本文从近红外线光谱技术的整体概述出发,探讨其在食品检验过程中的应用。     

茶叶检测中近远红外分析技术研究进展

我国茶叶种类繁琐,且茶叶市场混乱,为了保证消费者的合法权益,避免其购买到以次充好的茶叶,就需要对其茶叶进行有效的检测。其中,远近红外技术是最常用的技术,但其应用效果仍需要不断进行优化。基于此,就茶叶检测中近远红外分析技术研究进展展开分析,以期对我国茶叶品质评价水平的提升起到促进作用。