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A distinctive feature of mortgages as assets is the existence of prepayment risk, typically viewed as a borrower’s call option to pay the outstanding mortgage balance at any time during the term. While previous research identified important causes for prepayment, these studies are mostly based on fixed‐rate mortgages, with little work on variable‐rate or floating‐rate mortgages and even less work on prepayment in countries other than the USA. This paper presents an analysis of prepayment based on the historical aggregate pre‐payment experience of a sample of variable rate mortgages in Hong Kong, which func‐tions under a Currency Board Mechanism that determines exogenously the level and term structure of interest rates. With variable rate mortgages, it is expected that there will not be a prepayment incentive with decreases in interest rates, unlike the case with fixed‐rate mortgages. However, we argue that observed interest rate movements remain a key factor that affects prepayment decisions, because current interest changes influence expected future interest rates. Furthermore, drawing on quasi‐rational and behavioral economics concepts, we expect the effect on prepayment of expected upward movement in interest rates to be stronger than that of expected downward movements. Empirical evidence from the adjustable rate residential mortgage sample from Hong Kong supports these expected relationships.

This paper aims to clarify the relationship between stator tooth shape and DC voltage fluctuation of a double salient hybrid excitation generator (DSHEG). It analyzes the asymmetrical characteristics of the magnetic circuit and inductance between each phase. The study aims to reduce voltage fluctuation by using a stator shape optimization scheme, which helps reducing inductance difference.

This paper opted for a method combined with theoretical analysis, simulation and experimental verification. The stator tooth optimization scheme is given based on theoretical asymmetrical analysis and Taguchi method. A series of two-dimensional finite element analysis simulation of different conditions are conducted. Two prototypes with different stator tooth shape are made and experiments are carried out.

The paper provides empirical insights into how the stator tooth shape influences the asymmetry of inductance and DC voltage fluctuation. Compensation adjustments to the stator tooth shape can narrow the inductance differences of each phase. It suggests that “LTL” shaped DSHEG has lower voltage ripple than “III” shaped DSHEG without sacrificing output power.

Because of the chosen research approach, the gap between magnets and stator and end effect are not considered. Errors exist between simulation and experimental results.

The paper includes implications for other “C” shaped tooth optimization. Study on phase asymmetry of the special machine can further improve quality testing and simplify control strategy.

This paper analyzes the asymmetry of DSHEG and proposes an optimized stator tooth shape to reduce DC voltage fluctuation.

Presents a review on implementing finite element methods on supercomputers, workstations and PCs and gives main trends in hardware and software developments. An appendix included at the end of the paper presents a bibliography on the subjects retrospectively to 1985 and approximately 1,100 references are listed.

The most fundamental requirement of a habitable building is that its occupants can live in it healthily and safely. However, given the proliferation of building‐related accidents recently in Hong Kong, the extent to which our buildings have fulfilled this basic requirement is doubtful. For the benefit of the entire society, more public information on building quality is needed. Aims to address this issue.

This paper extends the Ho et al. assessment model to evaluate the combined health and safety performance of residential buildings in Hong Kong. The model consists of a set of performance‐based objectives and can be translated into a hierarchy of parameters concerning the quality of building design, building management, and the surrounding environment. A total of 99 residential buildings in two urban areas, namely Mongkok and Tsimshatsui, were assessed with the help of a simple and user‐friendly performance indicator called the Building Quality Index (BQI).

The comparative analysis showed that the overall health and safety performance varied significantly with building age and development scale. Building location did not matter in overall performance, but became relevant in disaggregate performances regarding the external environment and building management approaches.

In theory, building management and building location are not related. Further research is needed to disentangle the management effect from the location effect.

The assessment method is a simple and cost‐effective screening tool for mass building assessment at the city level. It can also be used for classifying buildings into different grades in respect of health and safety, providing incentives to building owners, developers, and government bodies to improve the living environment.

The study contributes to a better understanding of the relationship between building performance and its physical characteristics, including location, age, and development scale, in a densely populated high‐rise urban area.

The purpose of this study is to identify key performance indicators (KPIs) for badminton halls and, through a case study, illustrate how the facilities performance of a university badminton hall can be evaluated from the user perspective.

After a desktop literature review, the findings were discussed by a focus group, and the discussion result formed the basis for establishing an analytic hierarchy of facilities performance for the badminton hall. Then, interviews were made with 169 badminton hall users to solicit their perceived facilities’ importance and performance levels of the hall. Using MATLAB, a computer program incorporated with an Analytic Hierarchy Process was devised to compute the importance weights of the performance attributes under assessment. The outcomes were interpreted using an importance-performance evaluation matrix.

A facilities performance hierarchy, comprising nine KPIs, was established for the badminton hall. The factors influencing the users’ perceptions, the importance and performance levels of the KPIs and the areas of the hall requiring improvements were identified.

Future studies can take a similar approach of this study to develop KPIs and facilities performance hierarchies for other types of sports venues.

The method used to identify the improvements required for the badminton hall can be applied to investigations on other sports facilities.

The methodology of this research was first applied to study a badminton hall – as reported in this paper.

The construction industry has long been criticized for unethical conduct. The owner usually manages the contractor's opportunistic behaviors by employing a professional supervisor, but there is a risk of covert collusion between the supervisor and contractor. Based on the principal–agent theory and collusion theory, this paper aims to investigate optimal collusion-proof incentive contracts.

This paper presents a game-theoretic framework comprising an owner, supervisor and contractor, who interact and pursue maximized self-profits. Built upon the fixed-price incentive contract, cost-reimbursement contract, and revenue-sharing contract, different collusion-proof incentive contracts are investigated. A real project case is used to validate the developed model and derived results.

This paper shows that the presence of unethical collusion undermines the owner's interests. Especially, the possibility of agent collusion may induce the owner to abandon extracting quality information from the supervisor. Furthermore, information asymmetry significantly affects the construction contract selection, and the application conditions for different incentive contracts are provided.

This study still has some limitations that deserve further exploration. First, this study explores contractor–supervisor collusion but ignores the possibility of the supervisor abusing authority to extort the contractor. Second, to focus on collusion, this paper ignores the supervision costs. What's the optimal supervision effort that the owner should induce the supervisor to exert? Finally, this paper assumes that the colluders involved always keep their promises. However, what if the colluders may break their promises?

Several collusion-proof incentive contracts are explored in a project management setting. The proposed incentive contracts can provide the project owner with effective and practical tools to inhibit covert collusion in construction management and thus safeguard construction project quality.

This study expands the organization collusion theory to the field of construction management and investigates the optimal collusion-proof incentive contracts. In addition, this study is the first to investigate the effects of information asymmetry on contract selection.

The survey reported here is intended to obtain an understanding of the general public's perception about building services and building services practitioners in Hong Kong.

Targeting a sampling error of within ±1 per cent at a confidence level of 95 per cent, a team of six surveyors conducted face‐to‐face interviews with 751 laypersons at places around 11 residential estates.

Over 90 per cent of the general public know the presence of various building services installations in buildings and 12 per cent know that building services is the collective name of such installations. The general public are satisfied with the operability and reliability of building services installations but are just marginally satisfied with their performance at higher levels, such as energy conservation and indoor air quality control.

A paucity of teenagers know about building services, which is a concern to the future development of both the building services profession and the facilities management (FM) industry in Hong Kong. Future work may investigate the situation in other regimes with a similar FM setting and study on how the profession is perceived for buildings with restricted access to the general public. Operation and maintenance personnel of the FM offices, who are approached by most people when problems with building services installations arise, are the key on the perceived image of building services professionals.

In addition to informing higher educational institutes the need to reinforcing promotion of building services engineering to school leavers, the findings can help professional institutions in formulating how the social status of building services engineers may be raised.

As part of a study that aimed at enhancing the future roles and functions of building services (BS) engineers in Hong Kong, a survey was carried out to obtain demographic information about BS practitioners as well as their views and opinions on a range of issues which affect professional practices of BS engineers and recognition of their contributions by others. The purpose of this paper is to give a portrait of BS engineers in Hong Kong.

A series of statistical analyses were conducted based on the responses given by the BS practitioners, which included their qualifications, experience, job field, annual income and the number of trades of BS systems that they are competent in and responsible for.

The statistics show that: competence gap exists in that BS engineers are required to handle more trades of BS systems than those they are competent in; and the academic and professional qualifications, years of experience and job position are the key influential factors to the annual income of BS engineers but little differences exist in the average annual income of engineers in different job fields.

The competence gap is a concern that needs to be addressed to ensure BS engineers are competent in handling the common trades of BS systems, which is increasingly important for them to perform effectively in integrated professional teams for turning out holistic solutions for sustainable building developments.

Addressing global warming challenge, carbon emissions reduction potential of the construction industry has received additional attentions. The decoupling of construction industry and carbon emissions through policies, technologies and model innovations is an effective way for reducing environmental pollution and achieve eco-urban target. The paper aims to discuss these issues.

Within the scope of green building carbon emissions (GB-CO₂) research, a large number of scientific literature has been published in construction discipline over the past few decades. However, it seems that a systematic summary of strategies, techniques, models and scientific discussion of future direction of GB-CO₂ is lacking. Therefore, this paper carries out data mining on authoritative journals, identified the key research topics, active research areas and further research trends through visualization studies.

This study contributes to the body of knowledge in GB-CO₂ by critically reviewing and summarizing: professional high-quality journals have a greater influence in the scope of research, developed countries and developing countries are all very concerned about sustainable buildings, and the current hot topics of research focus on the application of the life cycle models, energy efficiency, environmental performance of concrete material, etc. Moreover, further research areas that could expand the knowledge of cross-national long-term carbon mechanisms, develop comprehensive life cycle carbon emissions assessment models, build technical standards and tests for the sustainable building material and systems, and exploit multi-objective decision models considering decarbonizing design and renewable energy.

This study is of value in systematic insight the state-of-the-art of GB-CO₂ research in the more recent decade. A more vividly and effectively method is documented in extending the traditional bibliometric review to a deeper discussion. This study can also benefit construction practitioners by providing them a focused perspective of strategy and technologies innovations for emerging practices in green building projects.

The paper's objective is to empirically study the effects of building refurbishment on the prices of the dwelling units in a contiguous housing estate in Hong Kong.

In a congested living environment like Hong Kong, it is difficult, if not impossible, to have a view unobstructed by buildings. As such, the quality of views is dependent on the aesthetic quality of surrounding buildings. It is likely that poorly maintained buildings will impose negative visual effects on their immediate surroundings. Refurbishing these poor buildings should, therefore, reduce or even counter this negative externality. To study the positive externality brought about by building refurbishment, a hedonic price analysis was conducted on a set of panel data consisting of property transactions in a large housing estate located in Pokfulam. This estate was chosen because its adjoining buildings underwent refurbishment in 1998.

The results showed that the refurbishment increased significantly the prices of those properties which faced refurbished buildings, keeping other things constant. The increments, on average, amounted 6.6 per cent of the prices of the properties.

Building refurbishment can have various scopes and scales but this study did not consider how the characteristics of the building refurbishment affected the prices of neighbourhood properties.

Given the problems of aging buildings in most urban areas, the results presented significant practical implications for building refurbishment and urban renewal as a whole. Developers or property owners may be lured to invest in the refurbishment of adjacent dilapidated properties with a view to enhancing the values of their own properties.

Although previous studies analytically suggested that building refurbishment created positive externality, this study is the first attempt to explore this connection.