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Article
Publication date: 27 February 2019

Le Ma, Richard Reed and Jian Liang

There has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when…

Abstract

Purpose

There has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. The purpose of this paper is to examine the long-run relationship between house prices, housing supply and demand, and to estimate the effects of the two types of demand (i.e. owner-occupier and investor) on house prices.

Design/methodology/approach

The econometric techniques for cointegration with vector error correction models are used to specify the proposed models, where the housing markets in the Australian states and territories illustrate the models.

Findings

The results highlight the regional long-run equilibrium and associated patterns in house prices, the level of new housing supply, owner-occupier demand for housing and investor demand for housing. Different types of markets were identified.

Practical implications

The findings suggest that policies that depress the investment demand can effectively prevent the housing bubble from further building up in the Australian states. The empirical findings shed light in the strategy of maintaining levels of housing affordability in regions where owner-occupiers have been priced out of the housing market.

Originality/value

There has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. This research has given to the relationship between supply and dual demand, which includes owner-occupation and investment, for housing and the influence on house prices.

Details

Journal of Property Investment & Finance, vol. 37 no. 2
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 16 April 2018

Jian (Jerry) Liang and Zhi Dong

The purpose of this paper is to investigate how the 2007 global financial crisis (GFC) changed financial disclosure behavior using a sample of US equity real estate…

Abstract

Purpose

The purpose of this paper is to investigate how the 2007 global financial crisis (GFC) changed financial disclosure behavior using a sample of US equity real estate investment trusts (REITs) from 2000 to 2015.

Design/methodology/approach

The authors use panel data spanning from 2000 to 2015 to examine the impact of the GFC on REITs’ earnings management (EM) after controlling for other factors (including the market shock in 2007 and 2008). The measurements of EM are estimated by using the models developed from literature such as modified Jones models. The static panel data regression models are used to estimate the impact of GFC on the REITs’ EM.

Findings

The authors find that REITs are more likely to engage in income-increasing EM to embellish their financial reports during the GFC. However, the magnitude of the use of EM to manipulate disclosed financial information decreased following the GFC, indicating an improvement in the quality of financial disclosure as a consequence of the enhancement of the regulatory environment. REITs also changed the manner in which their EM behavior responded to the main factors in the market following the outbreak of GFC.

Research limitations/implications

This study contributes to the finance and accounting literature by providing the first empirical test results concerning how the financial disclosure behavior and quality of listed portfolios and companies such as REITs have changed corresponding to the enhancement of the regulatory environment and adverse market conditions brought by GFC.

Practical implications

This study provides references for investors, auditors, and regulators to help them make adjustments for and improve the interpretation of the disclosed financial information.

Originality/value

This is one of the first empirical study testing the impact of the GFC on EM. It is also the first empirical study investigating the impact of GFC on the financial disclosure behavior of REITs.

Details

Property Management, vol. 36 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 17 August 2021

Yuanhang Yang, Gang Feng, Yanhong Gu, Jie Zhao and Jian Liang

Aluminum alloy is susceptible to chloride ion attack in sea water, resulting in pitting damage and hence serious security risks for the related applications. To improve…

Abstract

Purpose

Aluminum alloy is susceptible to chloride ion attack in sea water, resulting in pitting damage and hence serious security risks for the related applications. To improve the corrosion resistance of Al alloy, micro-arc oxidation (MAO) technology has been developed to produce a protective dense oxide layer on top of Al alloy. However, the mechanism of MAO-induced corrosion resistance is still not fully understood, particularly on local corrosion issue. This paper aims to focus on comprehensively studying the corrosion-resistance mechanism by a series of technologies.

Design/methodology/approach

The corrosion behavior of samples was studied by open circuit potential (OCP), potentiodynamic polarization (PDP), electrode impedance spectroscopy (EIS) and localized electrode impedance spectroscopy (LEIS) tests in NaCl solution.

Findings

The MAO-coated Al alloy shows a more positive corrosion potential and a higher corrosion current density compared to the untreated counterpart, indicating a significantly enhanced corrosion-resistance. The study of surface morphology and structure also suggest significantly enhanced corrosion-resistance due to the MAO treatment.

Originality/value

Based on the results, a new corrosion model was proposed to describe the influence of MAO treatment on the corrosion process and corrosion mechanism of Al alloy, providing insights on the design of the corrosion-resistance coating for metallic alloys in marine applications.

Details

Anti-Corrosion Methods and Materials, vol. 68 no. 5
Type: Research Article
ISSN: 0003-5599

Keywords

Article
Publication date: 7 October 2014

Ing-Long Wu and Jian-Liang Chen

This paper aims at defining a model to properly evaluate knowledge management (KM) value. Empirical studies have found little or no improvement in organizational…

4458

Abstract

Purpose

This paper aims at defining a model to properly evaluate knowledge management (KM) value. Empirical studies have found little or no improvement in organizational performance despite large KM investments.

Design/methodology/approach

The KM-driven performances are rooted in knowledge resources based on the knowledge-based view. Further, the KM-driven performances are mediated by business process capabilities. Organizational learning is critically complementary to KM for being a moderator to knowledge resources. A model was proposed for defining the performance with the relationships between these issues. A survey was conducted for collecting empirical data. Partial least squares was used for path analysis.

Findings

Knowledge resources lay a foundation on the KM-driven performance through the mediator of business process capabilities. Specifically, knowledge assets and process capabilities are two different but relevant drivers in a value creation process. The findings particularly provide evidence to explain the knowledge-based view and the mediator of business process capabilities.

Practical implications

While an organization owns important knowledge resources in the industry, it should dedicate its effort to the improvement of business process capabilities for well-achieving final performance. The KM-driven performance should be considered for both financial and non-financial indicators in a complementary manner.

Originality/value

Extant theories may provide inadequate methods to evaluate KM-enabled performance. This study attempted to define an effective model for this issue. This model empirically demonstrated its capability to work on this issue.

Details

Journal of Knowledge Management, vol. 18 no. 6
Type: Research Article
ISSN: 1367-3270

Keywords

Article
Publication date: 27 September 2011

Jian Liang and Mats Wilhelmsson

The purpose of this paper is to estimate the determinants of the retail space rent in Shanghai.

1285

Abstract

Purpose

The purpose of this paper is to estimate the determinants of the retail space rent in Shanghai.

Design/methodology/approach

Hedonic model and spatial regression models are used in the paper. The problem of spatial autocorrelation is tested by Moran's I statistics, and the root mean square error (RMSE) test is performed to find out the best model.

Findings

The significant explaining variables are the age, the area of retail space, the distance to the Jing An CBD centre, the type of the retail and the district of the property. A new classification of district in retail research context is suggested in this paper, and it is proved to be better than the districts set up by government to explain the retail rent variation.

Originality/value

This paper presents the first empirical study about the retail rental market in Shanghai. The research helps retail property investors and retail tenants deepen their understanding of the retail market in Shanghai. Spatial econometrics techniques are first introduced into the empirical retail rent research to produce a more precise estimation.

Details

Journal of Property Investment & Finance, vol. 29 no. 6
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 2 October 2007

M. Gopi and T. Ramayah

The purpose of this paper is to identify factors that influence the intention to use internet stock trading among investors in Malaysia.

10366

Abstract

Purpose

The purpose of this paper is to identify factors that influence the intention to use internet stock trading among investors in Malaysia.

Design/methodology/approach

A structured questionnaire was used to collect data from investors who are aware of internet stock trading in Malayisa. Out of 300 questionnaire only 144 were usable.

Findings

Findings show that attitude, subjective norm and perceived behavioral control has a direct positive relationship towards behavioral intention to use internet stock trading. The theory of planned behavior can be used to explain variation in behavioral intention and actual usage.

Research limitations/implications

More variations of results could be gained through a wider coverage of respondents. Other factors such as descriptive norm and perceived usefulness should be used to increase the explanatory power of the dependent variable. A comparison of the same study of explanatory power between other intention‐based model could give another valuable contribution.

Practical implications

This study will provide information on factors that influence and affect investor's intention to use online stock trading. In addition, the result of the study could serve as a guideline by online stock broking organizations in understanding the factors and program that need to be instilled to increase online stock trading among current retail investors and future investors.

Originality/value

Not much has been written on understanding intention to use internet stock trading in a developing country.

Details

International Journal of Emerging Markets, vol. 2 no. 4
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 11 February 2014

Jian Liang, Liu Fang Li and Han-Suck Song

– The purpose of this paper is to investigate the determinants of the capital structure of listed property firms in China.

2533

Abstract

Purpose

The purpose of this paper is to investigate the determinants of the capital structure of listed property firms in China.

Design/methodology/approach

The study is based on quantitative methods such as dynamic panel data models and a panel data set containing financial and accounting data for all listed property companies from 2006 to 2010 in China.

Findings

The findings confirm that the state-own shares, the fixed asset values, the total size of assets and profitability have a positive and significant impact on the leverage ratio of listed property firms in China. The negative impact of the tax shields and the currency ratio, and significant impact of state-own shares on capital structure cannot be explained by existing capital structure theory but the unique property market regulation environment and market conditions in China.

Research limitations/implications

The findings confirm the applicability of trade-off theory (except for the correlation between leverage and the tax shield) on property companies in China. They also highlight the importance of government policies and special market conditions in explaining the financing behaviour of property companies in transaction countries like China.

Practical implications

Complimentary policies should be established along with property market restriction policies to offset their unequal negative effect on property companies with less state-owned shares. Furthermore, government should invest efforts to eliminate the discrimination credit treatment of banks against property companies with non-existent or few state-owned shares.

Originality/value

The special financial behaviour of China's property firms and the unique financial and property market conditions highlight the necessity of researching the capital structure of listed property firms in China. However, most of the existing literature focuses on the company financial behaviour in developed countries, and very few studies have been done concerning property firms’ financing behaviour in emerging economies such as China, and this research prospects to fill this blank.

Details

Property Management, vol. 32 no. 1
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 29 August 2008

Fauziah, Taib, T. Ramayah and Dzuljastri Abdul Razak

The purpose of this study is to examine the acceptance level of a new Islamic home financing concept, diminishing partnership (DP), by consumers in Malaysia using the…

5908

Abstract

Purpose

The purpose of this study is to examine the acceptance level of a new Islamic home financing concept, diminishing partnership (DP), by consumers in Malaysia using the theory of reasoned action as the guiding principle.

Design/methodology/approach

Cross sectional data were collected through a survey and analysed by means of factor analysis, correlation and regression analysis.

Findings

Positive attitude or degree of favorableness towards the DP concept and religious and social influence are jointly responsible in determining the intention to engage in DP though the former commands greater influence.

Research limitations/implications

The use of convenience sampling and postgraduate students may not sufficiently capture the variations that could potentially exist in the market.

Practical implications

Introducing a leading Islamic finance product requires more than just a mere Shariah Board approval as customers are far more critical than has often been assumed. Demand for the home diminishing product has clearly been substantiated. It is a challenge for bankers to devise products that use the spirit of the concept very closely without compromising its salient features. Marketing strategies to consumers with different religious backgrounds have also been identified.

Originality/value

This study examines customers' acceptance level of a new Islamic home financing concept among multi ethnic/religion consumers with growing interest and consciousness about Islamic financial products.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 1 no. 3
Type: Research Article
ISSN: 1753-8394

Keywords

Article
Publication date: 28 October 2014

Nirmal Paudel, Subhra Paul and Jonathan Z. Bird

The purpose of this paper is to validate dynamic analytic force modeling techniques with experimental results. The performance of previously presented 2-D and 3-D eddy…

Abstract

Purpose

The purpose of this paper is to validate dynamic analytic force modeling techniques with experimental results. The performance of previously presented 2-D and 3-D eddy current models will be assessed when the steady-state models are coupled to a dynamic mechanical model.

Design/methodology/approach

The previously presented 2-D analytic model was formulated in terms of the magnetic vector potential in conductive region and magnetic scalar potential in non-conductive region whereas the 3-D model was formulated in terms of the magnetic vector potential in both the conductive and non-conductive regions.

Findings

This paper experimentally confirms that incorporating the heave velocity term is important for accurately predicting the forces under dynamic mechanical motion while using a steady-state eddy current solution. A close agreement between the experimental and the dynamic analytic-based eddy current solution was achieved.

Research limitations/implications

The force results presented from the previously developed 3-D analytic model assume that the width of the guideway is larger than that of the magnetic source and the magnetic source is placed at the center of the guideway along the z-axis.

Practical implications

The rotational and translational motion of a permanent magnet rotor above a conductive plate create lift and thrust force that are suitable for magnetic levitated (maglev) transportation. The previously developed 2-D and 3-D analytic models are fundamental to such maglev research as the models can quickly compute the electromagnetic forces acting on the maglev vehicle. This paper is of immense importance as the paper experimentally validates the analytic models.

Originality/value

The quasi-static analytic eddy current force models that are validated in this paper are different to analogous models developed by prior authors in that the heave velocity as well as the translational velocity of a magnetic source is incorporated into the eddy current force equation.

Details

COMPEL: The International Journal for Computation and Mathematics in Electrical and Electronic Engineering, vol. 33 no. 6
Type: Research Article
ISSN: 0332-1649

Keywords

Content available
Article
Publication date: 16 April 2018

Clive M.J. Warren

488

Abstract

Details

Property Management, vol. 36 no. 2
Type: Research Article
ISSN: 0263-7472

1 – 10 of 367