Housing Preferences of Temporary Migrants in Urban China in the wake of Gradual Hukou Reform: A Case Study of Shenzhen

In the wake of the recent announcement by the State Council concerning the provision of public rental housing across China, and the gradual reform of China's household registration system (hukou), this article explores how potential adjustments in government housing policies (namely access to public rental housing) influence the housing preferences of temporary migrants who are currently residing inside the chengzhongcun (urban villages) of Shenzhen. The results indicate that dissatisfaction with rental cost and living conditions in these urban villages are the key reasons for migrants wishing to move into public rental housing if it is offered to them — and not the fact that they are treated differently within the hukou system. Public rental housing is welcomed in particular by newly arriving migrants who live outside the Shenzhen Special Economic Zone (SEZ), and migrants who have decided to remain in Shenzhen for the foreseeable future. By contrast, dissatisfaction with urban villages is the sole contributor to housing preferences for those residing inside the SEZ.     

大都市郊区新城通勤行为空间研究——以南京市为例

通过对南京的东山、仙林和江北三个新城的深入考察和访问,并以问卷为基础,研究了新城居民在通勤行为空间上的主要表现,以及在居民通勤行为中新城和主城的空间互动机制。结果表明,一方面,新城的结构与功能影响其通勤流的空间分布,另一方面,主城和新城之间的互动关系在新城通勤空间的发展中起着尤为重要的作用。     

Total factor productivity, the east Asian miracle, and the world production frontier

Total Factor Productivity, the East Asian Miracle, and the World Production Frontier. — The post WWII growth of the East Asian Tiger states has stimulated the discussion about its determinants. Young and Krugman hold that high capital accumulation rather than gains in efficiency or technological progress has spurred growth. Nelson and Pack, however, have recently criticized the methods of measuring technological progress. Applying the nonparametric approach to frontier production function determination and the Malmquist index of total factor productivity change, the authors take up this criticism. They calculate productivity indicators for a sample of 18 American, Asian, and European countries. For the Tiger states, their results confirm that capital accumulation was the main source of growth in 1960-1973, whereas they find evidence for an increasing importance of efficiency improvements for the growth in 1973-1990.     

Firm Size and Performance of Manufacturing Enterprises in P.R. China: The Case of Shanghai's Manufacturing Industries

This paper studies the relationship between firm size and technical efficiency of manufacturing enterprises in Shanghai's manufacturing sector from 1989 to 1992. Although our empirical results show that technical efficiency is increasing in the firm size, the group of the smallest enterprises (0–99 workers) have very high technical efficiency. The group of enterprises with size of 100–249.9 workers have the lowest technical efficiency while the largest size (1000 workers or above) group usually have the highest technical efficiency. Finally, technical efficiency computed from net industrial product has large upward biases compared with that computed from gross industrial product.     

E-negotiation System Development: Using Negotiation Protocols to Manage Software Components

A major challenge in developing an e-negotiation system (ENS) is that the system should fit into the context which varies with negotiation cases. To mitigate context dependency, we propose to separate e-negotiation protocols from ENS and adopt a component-oriented approach. In this paper, we present a framework for e-negotiation protocols that implements this approach. The framework has been tested by developing several ENSs of which two had been tested in laboratory negotiation experiments with more than 100 participants.     

Analysts' Forecasts Following Forced CEO Changes

This paper examines analysts' earnings forecasts during the period of uncertainty following a change of chief executive officer (CEO). It distinguishes between forced and non‐forced CEO changes, and examines whether analysts utilize their information advantage to reduce the heightened uncertainty of a forced change of CEO. Examining a sample of Australian companies followed by analysts between 1999 and 2009, we find that forecasting accuracy is lower and earnings forecasts are more optimistic for firms experiencing forced CEO turnover compared to firms not undergoing such a change. However, dispersion is not statistically different. The results suggest that forced CEO turnover events provide a challenge to the forecasting environment for analysts. During CEO changes, investors should be aware that forecasts are less accurate and have an optimistic bias.     

Profitability, Ownership Structure and Technical Efficiency of Enterprises in the People's Republic of China: A Case of Manufacturing Industries in Shanghai

This paper studies the relationship between accounting profits and technical efficiency of manufacturing enterprises in Shanghai during the period 1989–1992 and examines which factors affect the profitability of manufacturing enterprises. We first estimate the average technical efficiency of four major manufacturing industries in Shanghai. Then, we test for the presence of ownership effects of technical efficiency on profits of those enterprises in these four industries.     

Income Tax, Property Tax, and Tariff in a Small Open Economy

Why do some countries enjoy high economic growth rates while some suffer in “low-growth traps”? Why are tax policies in different countries so different? Some suggest that it is exactly these differences in government policies which contribute to the difference in economic growth rates. This paper considers a small open economy which sustains its economic growth by adopting new technologies. When the value of initial wealth is “relatively small,” policies which promote growth most result in the highest welfare. In other cases, policies that discourage growth most may be welfare-maximizing.     

Valuation of Discrete Dynamic Fund Protection Under Lévy Processes

Abstract

This paper investigates the valuation of discrete dynamic fund protection (DFP) under Levy processes. Specifically, the analytical solution of discrete DFP under Lévy processes is obtained in terms of Fourier transforms. The derivation uses Spitzer’s formula and leads to a recursion on computing the characteristic function of the maximum protection-to-fund ratio using the Fourier inversion. DFP can then be valued efficiently and accurately via the fast Fourier transform. The pricing behavior of the discrete DFP is numerically examined using several Levy processes, such as geometric Brownian motion, jump-diffusion models, and variance gamma process. Numerical experiments confirm that the proposed approach produces highly accurate discrete DFP values within 1 second.