This paper examines the national solidarity in Brunei Darussalam during the COVID-19 pandemic and its consequential impact on younger generations. Utilising Emile Durkheim's…
Abstract
This paper examines the national solidarity in Brunei Darussalam during the COVID-19 pandemic and its consequential impact on younger generations. Utilising Emile Durkheim's solidarity theories, I examine how young people's social media use builds on state discourse in the pandemic. I contend that a shift towards an organic society is visible through a social cohesion that is based on differentiated roles. I argue that the citizenry plays a vital role in the forward momentum toward Industrial Revolution (IR) 4.0, which illustrates that solidarity cannot be forged as a top-down directive. By prompting economic and creative divisions of labour, the local use of social media in a public health crisis has shown the government a new way to foster solidarity. Significant implications for youth as future leaders of the nation are discussed.
Details
Keywords
Kim Hin David Ho, Mun Wai Ivan Ho and Mei Ling Christina Quek
Primarily based on Alonso’s bid-rent model, the purpose of this paper is to examine the dynamics of the Singapore’s overall retail rental market by adopting a vector error…
Abstract
Purpose
Primarily based on Alonso’s bid-rent model, the purpose of this paper is to examine the dynamics of the Singapore’s overall retail rental market by adopting a vector error correction model (VECM) estimation.
Design/methodology/approach
This paper uses the proxy for the overall retail rental value, which is indicated by a combination of the shop rent index from 2004 to 2013 and the retail rent index (RRI) in 2014, maintained by the Urban Redevelopment Authority (URA). The independent factors are the real gross domestic product (GDP), monthly earnings of individuals and vacancy rates (VR).
Findings
Such a behavioral model examines the dynamic structures that overshoot and/or diverge from equilibrium.
Research limitations/implications
The variables LOGGDP and VR are co-integrated of order one, I(1), while variables LOGME and LOGSRI are co-integrated of order two, I(2), to enable them to be employed in the VECM model.
Practical implications
The VECM model shows a good fit that allows the error correction term (ecm) together with the economic, financial and rental variables to jointly explain about 79.2 percent of the variation in the overall RRI. With a positive CoinEq1 coefficient that is positive and statistically significant at 5 percent level, it would take a long time for the system to return to its equilibrium once it has been shocked. Another variable that shows significant explanatory relationships includes past rents (index points) in the second order lags [D(LOGSRI(−2))]. The variable [D(LOGGDP(−3))], with a significant t-statistic value at 2.916, also helps to explain the changes in the overall rents.
Social implications
This paper highlights the importance of the first and third differences of the lagged macroeconomic variables of the monthly earnings of individuals is moderately significant. The VR in the first and second differences is significant in accounting for the variation in changes of overall retail rents with their t-statistics values being above 3.0. It is thus meaningful for policy makers to so enhance their in-depth understanding.
Originality/value
This paper fulfills an identified need to study how the results from the ex post forecasting estimates from the VECM for overall retail rents in Singapore can be enabled.
Details
Keywords
David Kim Hin Ho, Eddie C.M. Hui, Tai Wing Ho and Satyanarain Rengarajan
This paper aims to examine the behavior of “rational” residential developers, under game theory, for their pricing strategy in a competitive environment.
Abstract
Purpose
This paper aims to examine the behavior of “rational” residential developers, under game theory, for their pricing strategy in a competitive environment.
Design/methodology/approach
Results show that residential developers cooperate implicitly for long-term benefit, leading to a slow-down in sales. Developers are motivated to deviate from cooperating at the beginning and at the end of successive periods in a sub-market. Relatively high profits, earnable in the first few periods, provide an allowance to undercut prices and improve sales. For the last few periods, the punishment for any deviation from cooperating is insignificant or zero. Note that the first-mover advantage in a new market is evident. On the effect of uncertainty on the developer’s residential prices, results show that as uncertainty increases, prices decrease while price variability increases.
Research limitations/implications
This study highlights the merits of a uniquely simplified experimental research design for the strategic behavioral pricing of the private residential development market using a game theoretic approach.
Practical implications
This study enhances the understanding of the residential development strategy of developers in the residential development market.
Originality/value
There is limited research on pricing strategy for the private residential development market in Asia.
Details
Keywords
- Behavioural pricing
- Development and redevelopment
- Price uncertainty
- Experimental research design
- First-mover advantage
- Game theoretic approach
- Private residential development market
- Investor-developer
- Behavioral pricing
- Pricing strategies
- Game theoretic approach
- Experimental research design
- Equilibrium price
- First-mover advantage and price uncertainty
Kim Hin David Ho, Kwame Addae-Dapaah and Fang Rui Lina Peck
The purpose of this paper is to examine the common stock price reaction and the changes to the risk exposure of the cross-listing for real estate investment trusts (REITs).
Abstract
Purpose
The purpose of this paper is to examine the common stock price reaction and the changes to the risk exposure of the cross-listing for real estate investment trusts (REITs).
Design/methodology/approach
The paper adopts the event study methodology to assess the abnormal returns (ARs). Pre- and post-cross-listing changes in the risk exposure for the domestic and foreign markets are examined, via a modified two-factor international asset pricing model. A comparison is made for two broad cross-listings, namely, the depositary receipts and the dual ordinary listings, to examine the impacts from institutional differences.
Findings
Cross-listed REITs generally experience positive and significant ARs throughout the event window, implying significant superior returns associated with the cross-listing for REITs. On systematic risks, REITs exhibit significant decline in their domestic market β coefficients after the cross-listing. However, the foreign market β coefficients do not yield conclusive evidence when compared across the sample.
Research limitations/implications
Results are consistent with prudential asset allocation for potential diversification gains from the cross-listing, as the reduction from the domestic market beta is more significant than changes in the foreign market beta.
Practical implications
The results and findings should incentivise REIT managers to explore viable cross-listing.
Social implications
Such cross-listing for REITs should enhance risk diversification.
Originality/value
This is a pioneer study on cross-listing of REITs. It provides a basis for investment decision making, and could provoke further research and discussion.
Details
Keywords
Danny P.H. Tay and David K.H. Ho
Introduces the theory of artificial neural networks (ANN).Discusses its application to the valuation of residential apartments.Compares the performance of the back propagation…
Abstract
Introduces the theory of artificial neural networks (ANN). Discusses its application to the valuation of residential apartments. Compares the performance of the back propagation neural network (BP) model in estimating sale prices of apartments against the traditional multiple regression analysis (MRA) model. Concludes that the neural network model is an easy‐to‐use, black‐box alternative to the MRA model.
Details
Keywords
Chrwan‐jyh Ho and David M. Dilts
A framework is presented based on the MRP Evolution‐Information System Evolution (MEISE) grid to classify MRP users in terms of the diagonal band along the dimension of…
Abstract
A framework is presented based on the MRP Evolution‐Information System Evolution (MEISE) grid to classify MRP users in terms of the diagonal band along the dimension of information processing system development. The classification scheme provides a guideline for the information system specialist to make necessary adjustments of information systems when they decide to upgrade their MRP systems. Furthermore, the MEISE grid also facilitates the organisation of information and production functions while maintaining overall co‐ordination. Finally, the operational implications of deviating from the diagonal band are discussed.
Details
Keywords
Kim Hin/David Ho and Kwame Addae-Dapaah
The purpose of this paper is to help us understand the real estate cycle and offers an analysis using a vector auto regression (VAR) model. The authors study the key international…
Abstract
Purpose
The purpose of this paper is to help us understand the real estate cycle and offers an analysis using a vector auto regression (VAR) model. The authors study the key international cities of Hong Kong, Kuala Lumpur and Singapore. The authors find four key outcomes. One, the real estate cycle is generally different from the underlying business cycle in local markets for the cities studies. Two, the real estate cycle is more exaggerated in the construction and development areas than in rents and vacancies. Three, the vacancy cycle tends to lead the rental cycle. And four, new construction completions tend to peak when vacancy is also peaking. The authors believe that future research should try to help understand the linkages that drive these outcomes. For example, are rigidities in the local permit and construction markets responsible for the link between construction peaks and vacancy peaks?
Design/methodology/approach
Real estate market cyclical dynamics and its estimation via VAR model offers an insightful set of practical and empirical models. It affirms a comprehensive theoretical underpinning for analysing the prime office and residential sectors of the capitol cities of Kuala Lumpur, Singapore and Hong Kong in the fast developing Asia region. Its unrestricted form also provides an effective and insightful way of modelling real estate market cyclical dynamics utilising only real estate market indicators, furnished by real estate market data providers.
Findings
The office rental VAR model for Singapore (SOR), KL (KOR) and HK (HOR) show good fits. In the HOR model, rents and vacancies are negatively signed and significant for certain lagged relationships with other variables and with rents themselves. The office CV VAR model for Singapore (SOCV), KL (KOCV) and HK (HOCV) show good fits. In the HOCV model, capital values (CVs) and initial yields are negatively signed and significant for certain lagged relationships with other variables and with CVs themselves. Impulse response functions specified for seven years to mirror a medium-term real estate market cycle “die out” to zero for the stationary VAR models that are estimated for the endogenous variables. The accumulated responses asymptote to some non-zero constant.
Practical implications
The VAR model offers a complete and meaningful dynamic system of solely real estate variables for international real estate investors and policy makers in decision making. Its unrestricted form offers an effective and insightful way of modelling real estate market cyclical dynamics utilising only real estate market indicators, which can be reliably provided by a dedicated real estate information and consultancy provider of international standing.
Originality/value
The theoretical model offers a complete dynamic model system of the real estate space market, comprising a unique system of six linked equations that denote the relationship among supply, demand, construction, vacancy and rent over time, inclusive of price response slopes and lags. The VAR model enables the investigation of the effect of the lagged values of all the variables concerned. It also enables the explicit and rigorous quantitative forecasts of say rents and CVs when the rest of the variable can be forecasted beforehand.
Details
Keywords
Eddie Chi‐Man Hui, Vivian Sze‐Mun Ho and David Kim‐Hin Ho
Hong Kong and Singapore are characterized by rapid economic development and a high population density of 6,250 and 6,055 per km2 land respectively. Land revenue is their major…
Abstract
Hong Kong and Singapore are characterized by rapid economic development and a high population density of 6,250 and 6,055 per km2 land respectively. Land revenue is their major source of income to finance their public infrastructure and social services. Their design and collection of taxes on land, their value‐capture instruments and their allocation of revenue for public works are examined. The article finds that there are some similarities between the two cities in capturing land value, such as the collection of annual rates and stamp duty on property. The differences include the adoption of property tax surcharge and the development charge. In fact, each mechanism has its pros and cons. The method and the extent of each mechanism depend on the goals of the government in respect of the social and economic conditions.