Exploring sentiment-driven trading behaviour of different types of investors in the London office market

We investigates the sentiment-driven trading behaviour of the four types of investors in the London office market, i.e. UK institutional investors, UK private investors, UK listed real estate companies/Real Estate Investment Trust (REIT)s and overseas investors. In addition, we examine the relationship between investor sentiment and property performance. Related indices are calculated to examine the existence of herding behaviour of different investors. We find that UK private investors follow a contrarian strategy to UK institutional investors and listed real estate companies/REITs and enter/exit the market at different points of time. UK institutional investors tend to follow the sentiment of UK listed real estate companies/REITs and overseas investors with lags. There is no evidence that overseas investors rely upon the sentiment of UK specialised property investors in their decision-making. We find the sentiment of different investors is influenced differently by market fundamentals. Yield and rental growth rate have significant impact on trading activity of overseas investors, but not on other investors. The stock market return and securitised real estate return have significant impact on the trading activity of UK institutional investor and overseas investor, but have no significant influence on the trading behaviour of UK private investor and listed real estate company/REIT.     

Comparing the spatial and temporal dynamics of urban expansion in Guangzhou and Shenzhen from 1975 to 2015: A case study of pioneer cities in China’s rapid urbanization

The distinct urbanization process of China has attracted worldwide attention because of its impressive speed, massive scale, and policy intervention. However, the interrelationship between urban expansion and government policies is still not well understood. The Pearl River Delta Urban Agglomeration of China is the first national pioneering urbanization area since the implementation of the policy “Reform and Opening-up” in the late 1970s. Here we compared the spatial and temporal patterns of urbanization in two leading cities of the Pearl River Delta (i.e., Guangzhou and Shenzhen, the provincial capital and the first Special Economic Zone of China, respectively) from 1975 to 2015, using Landsat data integrated with urban growth and landscape metrics analysis, and examined possible footprints of major economic and urbanization policies. Our results illustrated that urban land areas in both Guangzhou and Shenzhen have experienced magnificent annual growth rates at 8.1% and 11%, respectively between 1975 and 2015. On average, Shenzhen witnessed substantially higher urban growth rate than Guangzhou during the past four decades, particularly in the initial period (1978–1990) when the Reform and Opening-up policy was launched and Shenzhen was designated as the first Special Economic Zone in China in the late 1970s. However, the speed of urban expansion in Shenzhen became considerably lower than Guangzhou from 2005 to 2015, subject to physical conditions and a series of urban land use policies. Both cities showed a generally similar dynamics of urban growth forms with leapfrogging as the predominant type of urban growth at first and then edge-expansion while the contribution of infilling in Shenzhen was higher than that in Guangzhou, especially since 2005. The urbanization processes characterized by landscape and urban growth metrics revealed that a diffusion-coalescence-diffusion-coalescence process was identified for Guangzhou, while Shenzhen was generally consistent with the diffusion-coalescence urban growth hypothesis.     

风电工程设计中的重要环节及应注意的问题

风电场建设中风电工程设计是重要的一环,是风电场建设成败的关键,而风电场的场址选择又是风电工程设计的重点,场址的选择直接影响未来风电场的发电量。结合实际设计经验,对风电工程设计中的重要环节进行了介绍,并提出应注意的问题。     

不同管理形态企业的会计师与独立董事功能

研究模型分析了当不同管理形态的公司需要增资时会计师的审计及独立董事的监督功能。研究结果显示,经理人经营时,独立董事较易维持独立性;建立及落实公司治理,会计师及独立董事皆能降低投资人与企业家或经理人之间的信息不对称,故会计师的审计功能与独立董事的监督功能具有替代关系;企业家期中增资后持股比率高于期初持股比率,且会计师及独立董事较高的报酬是企业家选择对投资人不利的投资方案的信号。     

石家庄市城镇污水处理技术现状与展望

在对石家庄市城镇污水处理厂进行全面的调查基础上,概述了城镇污水处理厂的建设和新技术应用现状,针对目前存在的一些问题提出改进意见,并对今后城镇污水处理厂的发展进行了展望。     

构建武汉城市圈“两型社会”的战略分析

在2007年12月7日召开的全国发展和改革工作会议上,武汉城市圈与长株潭城市群一起,经国务院批准,成为"全国资源节约型和环境友好型社会建设综合配套改革试验区"。中央为什么选择武汉城市圈作为"两型社会"改革试验的前沿阵地?如何认识其重要的现实意义和深远的战略意义,对深化改革道路,坚定构建武汉城市圈"两型社会"信心,推动整个社会发展,具有十分重要的现实意义。     

有关重庆中药产业现状、存在的问题及相应对策的思考

"中药现代化"是我国中药产业发展的重要任务和战略目标。目前重庆市中药产业面临很好的发展机会,但也存在着众多问题。笔者对重庆市中药产业发展的现状和存在的问题作了分析,并就相应的对策提出了自己的看法。     

几种变频恒压供水控制系统的比较与探讨

介绍了现今主要的变频恒压供水控制系统,并对其进行比较分析。     

冷库结构与保温材料现状

常用的冷库建筑结构型式有土建冷库、装配式冷库及混合式冷库三种,需要根据不同区域、地理环境、投资成本、运行成本等因素而决定采用何种型式。在选择冷库隔热材料时。应综合考虑导热系数、吸湿性、造价等因素。聚苯乙烯泡沫塑料、挤塑聚苯乙烯泡沫塑料和聚氨酯泡沫塑料是目前冷库广泛使用的保温隔热材料．介绍了各自的特点及国家和行业标准中对这些材料的性能要求。阐述了对保温材料厚度进行优化设计的原则。     

审计委员会特征对上市公司内部控制缺陷的影响

本文以2009年深市主板A股上市公司为样本,实证检验了审计委员会特征对内部控制缺陷的影响。研究发现,上市公司审计委员会设立时间越长、规模越大、独立性越强,公司内部控制存在缺陷的可能性越小。进一步将内部控制缺陷划分为整体缺陷、具体缺陷、设计缺陷和执行缺陷四种类型,研究发现,设立时间越长、规模越大的审计委员会对四种类型缺陷的抑制作用都越强,独立性越强的审计委员会对除整体缺陷之外的其他三类缺陷的抑制作用越强,审计委员会的专业性越强对设计缺陷的抑制作用越强。