Sammy King‐fai Hui, Josephine Csete and John Raftery
The purpose of this paper is to report a study investigating the success stories of six entrepreneurs in the Hong Kong construction and property field.
Abstract
Purpose
The purpose of this paper is to report a study investigating the success stories of six entrepreneurs in the Hong Kong construction and property field.
Design/methodology/approach
Through in‐depth interviews, participants shared their experiences and the factors they perceived as contributing to their success.
Findings
Evidence obtained from the interviews suggests what scholars mean by the Chinese entrepreneurial ethic is best understood as a combination of cultural values and strategizing behaviours.
Research limitations/implications
Data collected in this study were restricted to the construction and property industry. However, the same combination of values and strategies would be an essential factor contributing to success in other industries, and therefore further exploration of this is encouraged.
Originality/value
This paper explores the factors which successful Hong Kong construction and property entrepreneurs regarded as contributing to their success, it adds knowledge to the discussion of whether success can sensibly be explained.
Details
Keywords
John Raftery and Goran Runeson
Money illusion is a bias in the assessment of the real value of economic transactions, induced by their nominal evaluation. By definition, money illusion may only be manifested in…
Abstract
Money illusion is a bias in the assessment of the real value of economic transactions, induced by their nominal evaluation. By definition, money illusion may only be manifested in the presence of inflation. This paper presents the results of an experiment which shows that the actual behaviour of subjects departed from theoretical expectations and that the subjects failed to recognize the underlying real values and instead made nominal evaluations. The evidence has the further implication that, in the absence of some house price escalation, there may be a tendency for vendor’s asking prices to be “sticky”. Thus, in these circumstances the asking price of the property will tend to function less well as a signal of relative scarcity in the marketplace.
Details
Keywords
The literature on construction and project risk management published during the period from 1960 to 1997 is reviewed and analysed to identify trends and foci in research and…
Abstract
The literature on construction and project risk management published during the period from 1960 to 1997 is reviewed and analysed to identify trends and foci in research and practice. This analysis is used to identify gaps and inconsistencies in the knowledge and treatment of construction and project risk. The findings suggested that political, economic, financial and cultural categories of construction risk deserve greater research attention, as do those associated with quality assurance, and occupational health and safety. Temporal aspects of risk, and risk communication, are also important fields for investigation.
Details
Keywords
Bayesian A/B inference (BABI) is a method that combines subjective prior information with data from A/B experiments to provide inference for lift – the difference in a measure of…
Abstract
Bayesian A/B inference (BABI) is a method that combines subjective prior information with data from A/B experiments to provide inference for lift – the difference in a measure of response in control and treatment, expressed as its ratio to the measure of response in control. The procedure is embedded in stable code that can be executed in a few seconds for an experiment, regardless of sample size, and caters to the objectives and technical background of the owners of experiments. BABI provides more powerful tests of the hypothesis of the impact of treatment on lift, and sharper conclusions about the value of lift, than do legacy conventional methods. In application to 21 large online experiments, the credible interval is 60% to 65% shorter than the conventional confidence interval in the median case, and by close to 100% in a significant proportion of cases; in rare cases, BABI credible intervals are longer than conventional confidence intervals and then by no more than about 10%.
Hamidreza Harati, Neal M. Ashkanasy and Mahsa Amirzadeh
In this chapter, we aim to investigate the emotional and performance consequences of negative feedback in the workplace and provide an explanation for the varying reactions…
Abstract
Purpose
In this chapter, we aim to investigate the emotional and performance consequences of negative feedback in the workplace and provide an explanation for the varying reactions exhibited by employees.
Study Design/Methodology/Approach
We adopt a theoretical approach to develop propositions that elucidate the impact of negative feedback on task performance, with a specific focus on the mediating role of emotion regulation. By considering individual differences in task versus relational orientation, we aim to shed light on how these differences influence individuals' responses to negative feedback.
Findings
We propose that individuals with a task orientation are more inclined to engage in emotion regulation strategies following negative feedback, leading to improvements in subsequent task performance. Conversely, individuals with a relational orientation tend to internalize negative feedback, impeding their ability to regulate negative emotions and, consequently, hindering task performance enhancement.
Originality/Value
Our research contributes to the existing literature by examining the emotional and performance consequences of negative feedback in the workplace. By emphasizing the significance of emotion regulation and individual differences, we provide valuable insights that can inform the management of feedback processes within organizations.
Details
Keywords
The aim of the paper is to examine attitudes of general contractors operating in the Sydney region to the potential use of probability estimating and databases in cost estimating…
Abstract
The aim of the paper is to examine attitudes of general contractors operating in the Sydney region to the potential use of probability estimating and databases in cost estimating. A sample of 10 large general contractors with a turnover over $100m was selected for the study, which took place in 1993. Responses of the contractors to a standard questionnaire were obtained using face to face interviews. The research described in this paper confirmed the popularity of traditional single value estimating and highlighted the lack of use of probability cost estimating by the general contractors surveyed. The limited availability of client‐prepared bills of quantities for tendering has neither diminished their popularity among bidding contractors nor increased the use of elemental cost planning. Although databases are generally available, subjective judgements of estimators are of greater value in cost estimating. The research has concluded that a change in the estimating paradigm towards probability cost estimating, and the use of databases, are unlikely to occur in the near future.
John R. Mansfield and James A. Pinder
This paper has three principal aims: to briefly consider the term “depreciation” in the context of property values; to critically review the term “obsolescence” and two of its…
Abstract
Purpose
This paper has three principal aims: to briefly consider the term “depreciation” in the context of property values; to critically review the term “obsolescence” and two of its distinct forms; and to highlight the practical difficulties in pricing obsolescence using inflexible methodologies in a market place that is subject to evolving criteria.
Design/methodology/approach
The paper critically reviews existing literature and advice from international professional bodies.
Findings
The general conclusions are that despite the need to be more explicit in valuations, current methods are unable to address such detail. The guidance and advice offered by professional bodies need to be thoroughly revised. It is hoped that the progress being made in methodology will be incorporated in directed guidance to practitioners.
Originality/value
The paper offers an applied examination of an issue that has an impact on many aspects of contemporary real estate consultancy services.
Details
Keywords
John Galakis, Ioannis Vrontos and Panos Xidonas
This study aims to introduce a tree-structured linear and quantile regression framework to the analysis and modeling of equity returns, within the context of asset pricing.
Abstract
Purpose
This study aims to introduce a tree-structured linear and quantile regression framework to the analysis and modeling of equity returns, within the context of asset pricing.
Design/Methodology/Approach
The approach is based on the idea of a binary tree, where every terminal node parameterizes a local regression model for a specific partition of the data. A Bayesian stochastic method is developed including model selection and estimation of the tree structure parameters. The framework is applied on numerous U.S. asset pricing models, using alternative mimicking factor portfolios, frequency of data, market indices, and equity portfolios.
Findings
The findings reveal strong evidence that asset returns exhibit asymmetric effects and non- linear patterns to different common factors, but, more importantly, that there are multiple thresholds that create several partitions in the common factor space.
Originality/Value
To the best of the authors' knowledge, this paper is the first to explore and apply a tree-structured and quantile regression framework in an asset pricing context.
Details
Keywords
John Reyers and John Mansfield
A literature review suggested that conservation refurbishment work was perceived by design professionals to be inherently more risky than new‐build projects. The objective…
Abstract
A literature review suggested that conservation refurbishment work was perceived by design professionals to be inherently more risky than new‐build projects. The objective assessment of risk items helps ameliorate its impact. The results of a large questionnaire‐based survey evaluating specialist design consultants’ risk identification and management approaches are presented. The risk management approaches of specialist design consultants are divergent, reflecting their professional philosophies, educational programmes and experience. Further differences emerge according to practice size and contract value. Particular attention is paid to the responses considering contingency pricing, project budget forecasts and extensions of time. Results suggest that client education via briefing and consultants’ wider use of confidence limits can help improve the management of risk.