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Article
Publication date: 7 August 2017

Zhi Dong and Tien Foo Sing

The purpose of this paper is to examine developers’ optimal development timing when developers are heterogeneous and have different marginal costs in a real estate…

Abstract

Purpose

The purpose of this paper is to examine developers’ optimal development timing when developers are heterogeneous and have different marginal costs in a real estate development market.

Design/methodology/approach

This study uses a multiple-player game theoretic real option model and provides tractable results of asymmetric development strategies from a two-stochastic-variable model. Anecdotal evidence and market observations are presented.

Findings

Stronger developers (with low marginal costs) exercise real estate development options earlier than weaker developers (with high marginal costs). However, the interval time between developments by stronger and weaker developers decreases in rental volatilities. Real estate with a high positive externality are developed earlier than real estate with a low or negative externality.

Practical implications

Weaker and smaller developers are advised to undertake projects having positive externalities from vicinities. Government agencies are recommended to use tools of zoning and urban planning to prioritise developments introducing positive externalities and to facilitate the growth of weaker and smaller developers. This may subsequently help reduce incentive for land banking and oversupply in real estate space market.

Originality/value

This research is probably the first to explicitly incorporate developers’ heterogeneous strength in real estate development timing options with multiple developers in a competitive market. It sheds additional insights into the understanding of potential problems of development cascades, under the interactive effects between exogenous policy changes and endogenous response from asymmetric developers.

Details

Journal of Property Investment & Finance, vol. 35 no. 5
Type: Research Article
ISSN: 1463-578X

Keywords

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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

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Abstract

Details

Chinese Social Media
Type: Book
ISBN: 978-1-83909-136-0

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Article
Publication date: 3 August 2012

Zhi Dong

The existing literature on real estate investment trust (REIT) capital‐structure decisions implicitly excludes either interest payment tax shield benefits or a trust's…

Abstract

Purpose

The existing literature on real estate investment trust (REIT) capital‐structure decisions implicitly excludes either interest payment tax shield benefits or a trust's growth potential. The purpose of this paper is to test the long‐term debt leverage decisions of listed property trusts (LPTs), but without excluding interest payment tax shield benefits and growth potential. A new variable, the exchange rate, is included in the tests, because financial products subject to globalization, such as SWAPs are currently used to support the funding of small economies.

Design/methodology/approach

This paper uses a truncated regression and probit model to empirically test two competing hypotheses – the trade‐off theory and the pecking order theory. It also takes into account the implicit debt costs influenced by the exchange rate. The data for New Zealand LPTs are used.

Findings

Unlike the existing literature, it is found that the trade‐off theory is supported, while the pecking order theory is rejected, when New Zealand LPTs are studied. The additional variable of the one‐year forward appreciation rate of the New Zealand dollar against the US dollar is found to have a significant negative relationship with changes in the long‐term debt ratio.

Practical implications

This paper suggests that LPTs tend to reduce long‐term debt when the market signals a possible appreciation of the New Zealand dollar.

Originality/value

The paper identifies the need to explicitly take into account both tax‐shield benefits and growth potential when testing competing hypotheses on capital structure decisions. It also recommends including the exchange rate in the capital structure determinants test, especially when companies or trusts in a small economy are studied.

Details

Journal of Property Investment & Finance, vol. 30 no. 5
Type: Research Article
ISSN: 1463-578X

Keywords

Content available
Article
Publication date: 31 July 2019

Yitao Pan, Yuan Chen and Lin Li

The purpose of this paper is to propose a two-degrees-of-freedom wire-driven 4SPS/U rigid‒flexible parallel trunk joint mechanism based on spring, in order to improve the…

Abstract

Purpose

The purpose of this paper is to propose a two-degrees-of-freedom wire-driven 4SPS/U rigid‒flexible parallel trunk joint mechanism based on spring, in order to improve the robot’s athletic ability, load capacity and rigidity, and to ensure the coordination of multi-modal motion.

Design/methodology/approach

First, based on the rotation transformation matrix and closed-loop constraint equation of the parallel trunk joint mechanism, the mathematical model of its inverse position solution is constructed. Then, the Jacobian matrix of velocity and acceleration is derived by time derivative method. On this basis, the stiffness matrix of the parallel trunk joint mechanism is derived on the basis of the principle of virtual work and combined with the deformation effect of the rope driving pair and the spring elastic restraint pair. Then, the eigenvalue distribution of the stiffness matrix and the global stiffness performance index are used as the stiffness evaluation index of the mechanism. In addition, the performance index of athletic dexterity is analyzed. Finally, the distribution map of kinematic dexterity and stiffness is drawn in the workspace by numerical simulation, and the influence of the introduced spring on the stiffness distribution of the parallel trunk joint mechanism is compared and analyzed. It is concluded that the stiffness in the specific direction of the parallel trunk joint mechanism can be improved, and the stiffness distribution can be improved by adjusting the spring elastic structure parameters of the rope-driven branch chain.

Findings

Studies have shown that the wire-driven 4SPS/U rigid‒flexible parallel trunk joint mechanism based on spring has a great kinematic dexterity, load-carrying capacity and stiffness performance.

Research limitations/implications

The soft-mixed structure is not mature, and there are few new materials for the soft-mixed mixture; the rope and the rigid structure are driven together with a large amount of friction and hindrance factors, etc.

Practical implications

It ensures that the multi-motion mode hexapod mobile robot can meet the requirement of sufficient different stiffness for different motion postures through the parallel trunk joint mechanism, and it ensures that the multi-motion mode hexapod mobile robot in multi-motion mode can meet the performance requirement of global stiffness change at different pose points of different motion postures through the parallel trunk joint mechanism.

Social implications

The trunk structure is a very critical mechanism for animals. Animals in the movement to achieve smooth climbing, overturning and other different postures, such as centipede, starfish, giant salamander and other multi-legged animals, not only rely on the unique leg mechanism, but also must have a unique trunk joint mechanism. Based on the cooperation of these two mechanisms, the animal can achieve a stable, flexible and flexible variety of motion characteristics. Therefore, the trunk joint mechanism has an important significance for the coordinated movement of the whole body of the multi-sport mode mobile robot (Huang Hu-lin, 2016).

Originality/value

In this paper, based on the idea of combining rigid parallel mechanism with wire-driven mechanism, a trunk mechanism is designed, which is composed of four spring-based wire-driven 4SPS/U rigid‒flexible parallel trunk joint mechanism in series. Its spring-based wire-driven 4SPS/U rigid‒flexible parallel trunk joint mechanism can make the multi-motion mode mobile robot have better load capacity, mobility and stiffness performance (Qi-zhi et al., 2018; Cong-hao et al., 2018), thus improving the environmental adaptability and reliability of the multi-motion mode mobile robot.

Details

International Journal of Structural Integrity, vol. 10 no. 6
Type: Research Article
ISSN: 1757-9864

Keywords

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Article
Publication date: 17 August 2012

Zhi‐jie Dong, Feng Ye, Di Li and Jie‐xian Huang

The purpose of this paper is to study the application of feature‐based image matching algorithm for PCB matching without using special fiducial marks.

Abstract

Purpose

The purpose of this paper is to study the application of feature‐based image matching algorithm for PCB matching without using special fiducial marks.

Design/methodology/approach

Speed‐up robust feature (SURF) is applied to extract the interest points in PCB images. An advanced threshold is set to reject the interest points with low responses to speed up feature computation. In order to improve the performance for rotation, the descriptors are based on multi‐orientations. The many‐to‐many tentative correspondences are determined with a maximum distance. Hough transform is used to reject the mismatches and the affine parameters are computed with a square‐least solution.

Findings

Results show that the method proposed in this paper can match the PCB images without using special fiducial marks effectively. The image matching algorithm shows a better performance for image rotation than the standard SURF and it succeeds in matching the image including repetitive patterns which will deteriorate the distinctiveness of feature descriptors.

Research limitations/implications

Additional orientations produce more descriptors so that it takes extra time for feature description and matching.

Originality/value

The paper proposes a SURF‐based image matching algorithm to match the PCB images without special fiducial marks. This can reduce the complexity of PCB production. The image matching algorithm is robust to image rotation and repetitive patterns and can be used in other applications of image matching.

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Article
Publication date: 17 August 2012

Feng Ye, Di Li, Jie‐xian Huang and Zhi‐jie Dong

The purpose of this paper is to study the application of advanced computer image processing techniques for flaw detection on flexible printed circuit (FPC) solder.

Abstract

Purpose

The purpose of this paper is to study the application of advanced computer image processing techniques for flaw detection on flexible printed circuit (FPC) solder.

Design/methodology/approach

Texture directionality feature is obtained based on texture gradient, contour's position is extracted and directionality information obtained through analyzing the distribution of directionality. Contour similarity function is established to filter out false contour and keep proper contour, and the solder's location work is accomplished based on reversed contour. After that, a combination of grey and texture gradient's value deviation from reference value is utilized to reflect and describe texture on the solder's surface. Flaw can be distinguished from homogeneous texture background.

Findings

The method has been applied to the inspecting system and achieved a higher accuracy and a lower false defect rate. It demonstrates that the method can detect flaws efficiently and effectively.

Research limitations/implications

Although the work on FPC solder's location and flaw detection is presented, defective classification is not involved that is also very important content for inspection.

Originality/value

The paper provides a new way to locate solder based on directionality. The method not only extracts contour feature but also gains directional parameters to help realize accurate location, especially for some solders that are deformed to some extent. Entropy statistic based on distribution of grey and texture gradient is proposed to describe and measure solder's surface texture. The new algorithm performs stably and efficiently and is fit for practical application.

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Article
Publication date: 8 February 2011

Jie‐xian Huang, Feng Ye, Zhi‐Jie Dong and Di Li

The purpose of this paper is to study the application of advanced computer image processing techniques for solving the problem of solder position error correction for…

Abstract

Purpose

The purpose of this paper is to study the application of advanced computer image processing techniques for solving the problem of solder position error correction for flexible printed circuit (FPC) solder.

Design/methodology/approach

To correct position error, image information is defined according to information theory, and the mutual information entropy (MIE) is applied in evaluating the correlation between the images. A reference image is acquired which is used to evaluate the correlation with the inspecting image. The MIE increases as the FPC solder positioning accuracy increases. When the referent and inspecting FPC solders are aligned with the same place, the MIE is at a maximum. According to the principle, a genetic algorithm integrated with MIE as a fitness function is applied to search for the best optimal correction parameters to improve positioning accuracy.

Findings

The method is verified by a simulation and applied to the inspection system. As a result of experiment using four FPC solder samples, it has been demonstrated that the method can correct position errors.

Research limitations/implications

The method of defective detection is not involved, although that of searching for and locating FPC solder is presented.

Originality/value

The method of correcting position error based on MIE has high flexibility and can help improve positioning accuracy. In particular, it provides a new way to correct position error and can be implemented on any sort of target which is regular or irregular based on image technology.

Details

Circuit World, vol. 37 no. 1
Type: Research Article
ISSN: 0305-6120

Keywords

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Book part
Publication date: 30 September 2020

Parul Singhal and Rohit Rastogi

Diabetes is a chronic disease and the major types of diabetes are type 1 and type 2. On aging, people with diabetes tend to have long-term problems in hypertension…

Abstract

Diabetes is a chronic disease and the major types of diabetes are type 1 and type 2. On aging, people with diabetes tend to have long-term problems in hypertension, coronary artery disease, obesity, and nerves. Given the increasing number of complications in recent years, by 2040, 624 million people will have diabetes worldwide and l in 8 adults will have diabetes in the future. Machine learning (ML) is evolving rapidly, many aspects of medical learning use ML. In this study, tension-type headaches (TTH) were associated with diabetes using SPSS, Pearson correlation, and ANOVA tests. Data were collected from Delhi NCR Hospital. It contains 30 diabetic subjects. The purpose of this study was to correlate diabetes analysis from TTH and other diseases using the latest technologies to analyze the Internet of Things and Big Data and Stress Correlation (TTH) on human health. The authors used Pearson correlation to correlate study variables and see if there was any effect between them. There was an important relationship between the percent variable, the total number of individuals, the number of individuals, and the minimum variable. The age (field) of the number of individuals to one of the total number of individuals showed a strong correlation (1.000) with a significant value of p (1.000). Overall, cases of TTH increased with age in men and do not follow the pattern of change in diabetes with age, but in cases of TTH, patterns of headaches such as diabetes increase to age 60 and then tend to decrease.

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Article
Publication date: 14 October 2020

Huawei Wang

The purpose of this study is to investigate the understanding and application of crime of sabotaging production and operation in internet era, and, at the same time…

Abstract

Purpose

The purpose of this study is to investigate the understanding and application of crime of sabotaging production and operation in internet era, and, at the same time, discuss the basic position for criminal law interpretation in cyberspace.

Design/methodology/approach

Doctrinal analysis and case study.

Findings

Along with the advent of the internet era, how to apply the traditional crime of sabotaging production and operation in virtual space has attracted people’s attention. The controversy caused by the conviction of malicious application of fake transactions is a typical example. The legal interest protected here includes not only the property value of the means of production itself, but also the expectation interest that can be obtained by normal production and operation activities. There is no reliable basis to believe that overlap of articles between special provision and general laws occurs in crime of sabotaging production and operation and crime of intentional damage of property. The production and operation activities carried out online can also be covered by crime of sabotaging production and operation, without doubt. Ejusdem Generis Rule should be fully respected, but crime of sabotaging production and operation has a dual structure of means behavior and purpose behavior, where the purpose behavior, sabotaging production and operation, is the key to the conviction. However, it is not necessarily premised on physical damage and violent characteristics. The understanding and application of traditional crimes should keep pace with the times in the internet era, and we should not stick to a completely rigid subjective interpretation.

Originality/value

This study demonstrates the possible application of crime of sabotaging production and operation in cyberspace, and clarifies many misunderstandings about this crime.

Details

Journal of Financial Crime, vol. 28 no. 1
Type: Research Article
ISSN: 1359-0790

Keywords

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