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This paper seeks to examine the contributions of rehabilitation and redevelopment projects to the labour force of the construction industry in Hong Kong. Major projects from the private and public sectors were critically examined and the manpower requirements and the tangible benefits in terms of wages arising from urban renewal were forecast.

The forecast of the expected persons to be engaged in the construction industry is based on trend regression model. Time series data of construction sites, both private and public, and persons engaged in the past ten years were forecasted for linear trend process for the next three years. From this, a reasonable estimate of man‐days to be engaged and wages to be incurred in the construction industry in the future can be obtained.

The results provide evidence that the impacts are positive. About 19.4 million man‐days and an income of HK$16.4 billion (3.8 per cent of the nominal GDP of Hong Kong in 2008) are anticipated in the short run. To meet urban regeneration needs, the Government should develop various vocational skills and enhance motivation and job search.

There are potential risks of error arising from the use of assumptions, limited sample size and data from the secondary resources.

Urban renewal works can generate more jobs. The ratio of development projects to rehabilitation works in terms of producing job opportunity by the same amount of budget is about 1 to 4.7. To meet urban regeneration needs, the Government should develop various vocational skills and enhance motivation and job search for renewal works.

Urban renewal attracts and stimulates investment, creates employment opportunities and improves the built environment of cities. Also, public rehabilitation works can play a moderate role in stabilizing the economy and the labour market.

The major contributions of this paper are: the estimated labour and financial resources to undertake such renewal works; and the more significant impact of rehabilitation work identified.

The long‐standing urban decay problem in Hong Kong continues to receive attention from the government and concerned organisations. However, little attention is paid to the financial benefits that can be achieved after old buildings are rehabilitated. This study seeks to evaluate and quantify the value enhancement of aging buildings resulting from rehabilitation.

Using the direct sales comparison method, the study critically examines over 80 sample buildings across Hong Kong. Residential properties with rehabilitation completed in the public sector are chosen as samples for numerical analysis.

The results show that: the capital value of the sample buildings after rehabilitation increased by an average of 35.6 percent; the overall appreciation rate of the sample buildings (35.6 percent) exceeds that of other buildings in the same district (20.8 percent); the average price increase of the sample buildings (25.7 percent after adjustment) is greater than that of Type B (40‐69.9 square meters) buildings (18.9 percent) in Hong Kong; positive growth in transaction volume is evidenced from the sample buildings in four districts; and, on average, the benefit to cost ratio of rehabilitation per unit is 10.9 and the net benefit per square foot is HK$461.4 (or US$59.2).

There are potential risks of error arising from the use of assumptions, price adjustments, limited sample size and data from the secondary source.

The analysis is of relevance in confirming the value enhancement arising from rehabilitation and the findings provide a motive for the industry and public for rehabilitation.

The significance of this study is the quantification of the positive effect of rehabilitation.

The objective of this paper is to demonstrate that the Pygmalion hypothesis is supported in the housing market and the hypothesis that investors are, all too frequently, unrealistically over‐optimistic cannot be rejected.

The methodology in the paper relies on a cross‐sectional questionnaire survey and a longitudinal telephone survey.

The findings in the paper demonstrate that self‐fulfilling prophecies occur in property markets. The effect of self‐fulfilling expectations is common and more powerful than rational real estate fundamentals. The consistent pattern of significant over‐forecasting of housing prices suggest that the hypothesis that investors are, most of the time, over‐confident cannot be rejected.

In the longitudinal survey in this paper, only limited samples were secured. The developmental change of attitudes and buying behaviors over time was not observed. People's price expectations might be different from those reported in the first three waves of survey, as real estate fundamentals change from time to time.

In the paper a forward looking approach is used to solicit people's views on current and future housing prices, investment considerations and sentiment over time. An increase in property price being simply the outcome of self‐fulfilling expectations – the Pygmalion Effect will be signaled to housing participants. Studying people's confidence and sentiments helps understand speculative enthusiasm or ‘bubble”.

The longitudinal survey in the paper on people's price expectations is the first of its kind in Hong Kong. The results are beneficial to policy makers, homeowners, potential homebuyers and investors. Housing decisions of potential homebuyers can be made more rationally and Government officials can have more reliable property information and data for policy formulation.

The purpose of this paper is to examine the behavior of buyers and sellers in making housing decision and analyses the mechanisms of the seller‐buyer interaction affecting house sale prices.

The research methodology relies on a cross‐sectional telephone survey and the statistical analysis of housing transactions in Hong Kong.

The list price is unimportant to the formation of the sale price. Rather buyer‐seller interactions affect housing prices. The list price is positively related to the number of revisions, and the size of reduction, in the list price, and the list period, but negatively related to the sale‐to‐list‐price ratio. Overpriced properties trigger larger price reductions, noticeably, in the first round of negotiation, and stay on the market longer. Short negotiation periods and time‐till‐sale, and a sale at a marginal reduction in the list price is expected by market participants and conforms with the historical sales data. Hence, market expectations are generally fulfilled and support rationality in a steady market.

There are sample size limitations, which might bias the results and weaken the generalizability. The limited housing transactions may not be representative of the population at large.

When the market conditions are moderate, offering the property for sale at close to its current market value would determine the best possible selling price.

Telephone surveys on home buyer‐seller interactions and critical analysis of sale records are extremely rare in Hong Kong. The paper illustrates how, in times of moderate economic conditions and housing prices, the strategic negotiation process will rationally bring the selling price close to the market value price.

The purpose of this paper is to examine the progress of rehabilitation and redevelopment and review the effectiveness of the Land (Compulsory Sale for Redevelopment) Ordinance (LCSRO) (Cap. 545) and proposals that influence the urban renewal process in Hong Kong.

The study largely relies on the review of the LCSRO and the Government's proposal, and the urban renewal progress. Rehabilitation and redevelopment data was collated and analyzed to assess how effective the renewal process and the Government legislation have been in tackling the urban decay problem in Hong Kong. This study benchmarks the good practices of Singapore.

The pace of urban renewal activities in Hong Kong is lagging behind its policy goal. The implementation of the urban renewal programme has not adequately resolved the serious problem of ageing buildings. The existing legislation has not been effectively attracting private sector's participation either. The proposed relaxation of the compulsory sale threshold for specified classes of lots under the LCSRO aims to assist private sector‐led redevelopment. However, it is not a panacea for urban decay. Whilst the private sector's participation is facilitated, the Government should consider complementary measures, e.g. the relaxation of such criteria as the building age, plot ratio and height limitation for a more effective and efficient process, particularly in less attractive sites. A careful balance should be maintained in redeveloping different regions in the city. The Government should also be cautious about the negative externalities that might affect to the community.

The paper identifies the implementation gap of urban renewal in Hong Kong. Practical suggestions are made to the Government and related organizations to expedite urban renewal works.

The paper assesses Hong Kong's urban decay problem in a quantitative way. This approach has hardly been applied in a local context. It also highlights important issues relating to private sector involvement in urban renewal activities and various concerns over the proposed changes to the LCSRO. The paper will benefit local policy makers, property developers and professionals in the area. Its results will form a basis for further research on the impact of the proposals on land supply and housing prices after its implementation.

The objective is to address the major issues and suggest solutions to solve the water seepage and health related problems in residential buildings.

The methodology relies on a literature review on water damage in residential buildings with references to the vertical spread of SARS in a housing estate in Hong Kong. Working procedures for handling seepage complaints by Hong Kong government departments and their performance are examined.

The study found that individual departments have difficulties in identifying: the cause and source of seepage, and resolutions to the problem given the limited powers and legal constraints that exist. A holistic approach by individual departments is needed to address the issue. The proposed formation of Owners' Corporations, third party insurance and repair and maintenance sinking fund for old buildings would help solve the building defect and health related problems.

The suggestions in the study would help reduce and partly prevent the environmental nuisance and, more importantly, health risk. Residents are better prepared in the future for a possible return of SARS or other infectious disease.

Research on water damage is very scarce in Hong Kong. And perhaps this is the first of its kind. The study identifies the broader issue of maintaining and managing a high‐rise residential building. The building management and health related problems identified in the study should be noted in any policy addressing housing and health issues.

This synthesis covers academic research on the use of valuation, tax, information technology (IT), and forensic specialists on audit engagements. The importance and role of specialists on audit engagements have recently increased, and specialist use has garnered significant attention from regulators and academics. Given the PCAOB’s (2017b) recent proposal to revise auditing standards regarding specialists’ involvement, it is important to review the specialist literature as a whole. By integrating research across these four domains, I identify commonalities and differences related to: (1) factors associated with the use of specialists on audit engagements (including the nature, timing, and extent of use); (2) factors impacting auditors’ interactions with specialists (including specialists contracted by the auditor or management); and (3) outcomes associated with the use of specialists. This integrated analysis of the specialist literatures shows variation in the use of specialists, and various factors affecting both if and how they are involved and whether auditors use specialists internal or external to the audit firm. Additionally, research has sometimes (but not always) linked specialist involvement to higher audit quality. The commonalities and areas of variation identified are informative to audit research and practice, particularly as regulators and audit firms look to improve the quality of audits using specialists. Throughout the synthesis, I also provide a number of directions for future research.

This chapter depicts the burden of suicidal behavior among African American males. It describes the public health approach to preventing suicidal behavior among African American males. This approach includes assessing and describing the problem; identifying causes or risk and protective factors; developing and evaluating programs and policies; and implementing and disseminating findings and activities. The chapter provides a review of the epidemiology of fatal and non-fatal suicidal behavior; a summary of what is known about the risk and protective factors of the problem; and a descriptive analysis of the circumstances associated with suicides among young African American males is presented. Lastly, the authors give a summary of evidenced-based prevention programs which could be applied in preventing male suicidal behavior.

Prior research finds evidence that audit quality is positively associated with the joint purchase of tax nonaudit services (NAS) and concludes that jointly provided tax services result in audit-related knowledge spillovers that lead to improved audit quality. We extend this line of research. We examine the relation between auditor-provided tax services and restatements and determine whether this relation differs when the auditor is a small or large accounting firm. We also examine whether the Securities Exchange Commission’s restrictions on certain tax consulting practices (SEC, 2006) altered this relation. Specifically, we measure whether the probability of financial statement restatements varies with (1) variation in accounting firm size (measured as PCAOB annually inspected firms versus PCAOB triennially inspected firms), and (2) the joint provision of audit and tax services. We find a negative relation between auditor-provided tax services and restatements which is consistent with prior research. We also find that this relation is significantly more negative when the auditor is a small accounting firm. Finally, we find that the lower probability of a restatement associated with the joint provision of audit and tax services persists regardless of auditor size after the SEC-imposed restrictions on certain tax consulting services in 2006. Our study provides evidence that accounting firms, and particularly small accounting firms, benefit from knowledge spillovers when jointly providing audit and tax services and these benefits lead to improved audit quality. Prior research concludes that large auditors provide higher audit quality and that the provision of tax services improves audit quality. Our results provide evidence that audit quality improvements are greater for small auditors and their clients. This improvement narrows that audit quality gap between large and small auditors. We do not find evidence that the SEC’s restrictions on certain tax consulting services altered the relation between audit quality and tax services.