Purpose - – In this research, the purpose of this paper is to assess the relative pricing behavior for land in Beijing, China. The paper sees this as important for three core reasons. First, China has a strong growth economy but is still in many ways an undeveloped country and thus the paper do not have significant data about asset pricing behavior there. Second, China has not traditionally had a market-based land and property transfer system – thus, it is interesting to assess how prices are determined relative to typical market expectations. Third, the authors have extensive evidence on pricing behavior in the USA and Europe but little such evidence on China – are the same variables important in land pricing in China and are there other unique local variables. Design/methodology/approach - – This paper analyzes prices of non-industrial and industrial land separately using a comprehensive data set and a semi-parametric framework. The data and flexible model specification allow the hedonic price coefficients to be estimated more accurately. Findings - – The key results are that pricing behavior in general follows the traditional expected variables as determined by size, planning use, location and other neighborhood characteristics. However, the authors also find that land prices are associated with buyer characteristics; for example, foreign investors pay less than local investors. Originality/value - – The study fills the gap in the literature in two ways. First, this paper analyzes prices of non-industrial and industrial land separately using a comprehensive data set and a semi-parametric framework. The data and flexible model specification allow the hedonic price coefficients to be estimated more accurately. Second, and more importantly, the authors find evidences that land prices in China are determined by both market force and “Chinese characteristics.” The land market, although established only recently, is at work. In line with the literature, determinants such as size and planning uses are found to be important in determining land prices.
{"title":"Land Value Determination in an Emerging Market: Empirical Evidence from China","authors":"Helen X. H. Bao, J. Glascock, S. Zhou, Lei Feng","doi":"10.2139/ssrn.1084109","DOIUrl":"https://doi.org/10.2139/ssrn.1084109","url":null,"abstract":"Purpose - – In this research, the purpose of this paper is to assess the relative pricing behavior for land in Beijing, China. The paper sees this as important for three core reasons. First, China has a strong growth economy but is still in many ways an undeveloped country and thus the paper do not have significant data about asset pricing behavior there. Second, China has not traditionally had a market-based land and property transfer system – thus, it is interesting to assess how prices are determined relative to typical market expectations. Third, the authors have extensive evidence on pricing behavior in the USA and Europe but little such evidence on China – are the same variables important in land pricing in China and are there other unique local variables. Design/methodology/approach - – This paper analyzes prices of non-industrial and industrial land separately using a comprehensive data set and a semi-parametric framework. The data and flexible model specification allow the hedonic price coefficients to be estimated more accurately. Findings - – The key results are that pricing behavior in general follows the traditional expected variables as determined by size, planning use, location and other neighborhood characteristics. However, the authors also find that land prices are associated with buyer characteristics; for example, foreign investors pay less than local investors. Originality/value - – The study fills the gap in the literature in two ways. First, this paper analyzes prices of non-industrial and industrial land separately using a comprehensive data set and a semi-parametric framework. The data and flexible model specification allow the hedonic price coefficients to be estimated more accurately. Second, and more importantly, the authors find evidences that land prices in China are determined by both market force and “Chinese characteristics.” The land market, although established only recently, is at work. In line with the literature, determinants such as size and planning uses are found to be important in determining land prices.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131227265","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper presents a coherent and systematic analysis of the collapse and subsequent revival of the Central Asian republics since 1990. The focus is on the pattern of growth and structural changes during the cycle of decline and subsequent revival in the Central Asian republics, which have yet to be adequately analysed in the literature on transition. The paper relates economic performance to initial conditions, country characteristics and policies. Within this framework, it proposes a simple typology of policies (including a new “type III” set of policies on regional cooperation and industrial competitiveness) and relates them to the cycle of decline and revival. It goes on to examine the medium-term prospects for and policy needs of the Central Asian republics.
{"title":"Central Asia after Fifteen Years of Transition: Growth, Regional Cooperation, and Policy Choices","authors":"Ganeshan Wignarajan, G. Wignaraja","doi":"10.18356/E5999585-EN","DOIUrl":"https://doi.org/10.18356/E5999585-EN","url":null,"abstract":"This paper presents a coherent and systematic analysis of the collapse and subsequent revival of the Central Asian republics since 1990. The focus is on the pattern of growth and structural changes during the cycle of decline and subsequent revival in the Central Asian republics, which have yet to be adequately analysed in the literature on transition. The paper relates economic performance to initial conditions, country characteristics and policies. Within this framework, it proposes a simple typology of policies (including a new “type III” set of policies on regional cooperation and industrial competitiveness) and relates them to the cycle of decline and revival. It goes on to examine the medium-term prospects for and policy needs of the Central Asian republics.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123727980","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Price clustering is the tendency of prices to be observed more frequently at some numbers than others. It results from human bias and from haziness or imprecise beliefs about underlying value. To many Chinese, the number "8" is salient because it is considered "lucky", while "4" is "unlucky" and to be avoided. We conduct a tightly controlled experiment to determine whether a culturally heuristic number preference exists, by studying trading on the Shanghai and Shenzhen stock exchanges, which have been relatively segmented along cultural lines. Our results are extremely clear. For much of our sample period (1994 - 2002), the prices of A-shares (mostly held by Chinese organisations or individuals) traded on the Shanghai stock exchange were more than twice as likely to end in 8 as 4. Similarly, for A-shares traded on the Shenzhen stock exchange a preference for 8 was found. Preference for 8 on both A-share exchanges was initially very strong, but has dissipated somewhat over time. For the Shanghai A-shares the reduction in the cultural preference only occurred in the most recent period whereas for Shenzhen the reduction occurred considerably earlier. Overall, the cultural preference was widespread for both A-markets and was in fact stronger in opening, high and low relative to closing prices. The preference for 8 was much weaker for B-shares, largely held by foreigners, on both exchanges.
{"title":"Culture and Stock Price Clustering: Evidence from the Peoples' Republic of China","authors":"Jason D. Mitchell, P. Brown","doi":"10.2139/ssrn.601523","DOIUrl":"https://doi.org/10.2139/ssrn.601523","url":null,"abstract":"Price clustering is the tendency of prices to be observed more frequently at some numbers than others. It results from human bias and from haziness or imprecise beliefs about underlying value. To many Chinese, the number \"8\" is salient because it is considered \"lucky\", while \"4\" is \"unlucky\" and to be avoided. We conduct a tightly controlled experiment to determine whether a culturally heuristic number preference exists, by studying trading on the Shanghai and Shenzhen stock exchanges, which have been relatively segmented along cultural lines. Our results are extremely clear. For much of our sample period (1994 - 2002), the prices of A-shares (mostly held by Chinese organisations or individuals) traded on the Shanghai stock exchange were more than twice as likely to end in 8 as 4. Similarly, for A-shares traded on the Shenzhen stock exchange a preference for 8 was found. Preference for 8 on both A-share exchanges was initially very strong, but has dissipated somewhat over time. For the Shanghai A-shares the reduction in the cultural preference only occurred in the most recent period whereas for Shenzhen the reduction occurred considerably earlier. Overall, the cultural preference was widespread for both A-markets and was in fact stronger in opening, high and low relative to closing prices. The preference for 8 was much weaker for B-shares, largely held by foreigners, on both exchanges.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114865208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The objective of this study is to gain understanding of what business model works in Thailand and what the explanatory factors determining success and failure of the model in Thailand. The scope of this study will be in the area of mobile internet. The single case research design will be employed. The choice of BuzzCity as a single case study was based on the consideration that BuzzCity’s main customer base is in developing countries.
{"title":"Economic Analysis of Business Model for Delivering Mobile Value-Added Services in Thailand","authors":"P. Sirasoontorn","doi":"10.2139/ssrn.1618174","DOIUrl":"https://doi.org/10.2139/ssrn.1618174","url":null,"abstract":"The objective of this study is to gain understanding of what business model works in Thailand and what the explanatory factors determining success and failure of the model in Thailand. The scope of this study will be in the area of mobile internet. The single case research design will be employed. The choice of BuzzCity as a single case study was based on the consideration that BuzzCity’s main customer base is in developing countries.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124276584","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Mobile Number portability (MNP), a feature present in most developed telecom markets around the world, is now making its way into the developing telecom markets of South Asia. Unlike the conditions that exist in the mature environments of the western world, however, market structures, pricing mechanisms and even customer phone use behaviours are vastly different in the emerging South Asian markets. As such, the preconditions necessary for the success of this service and its potential implications will be largely different in this region.The paper explores Pakistan’s experience in introducing MNP and will investigate the suitability of introducing the same in India and other emerging South Asian microstates such as the Maldives. The paper will also consider how phone subscribers at the Bottom of the Pyramid (BOP) and the impact of the low-cost, low-ARPU pricing model implemented in South Asia will affect porting rates. The study will be mainly based on secondary data collection (existing reports, market trends and opinions of key stakeholders) while the BOP data will be sourced from LIRNEasia’s large sample study, carried out in six-countries in 2008.
{"title":"Mobile Number Portability in South Asia","authors":"Tahani Iqbal","doi":"10.2139/ssrn.1618182","DOIUrl":"https://doi.org/10.2139/ssrn.1618182","url":null,"abstract":"Mobile Number portability (MNP), a feature present in most developed telecom markets around the world, is now making its way into the developing telecom markets of South Asia. Unlike the conditions that exist in the mature environments of the western world, however, market structures, pricing mechanisms and even customer phone use behaviours are vastly different in the emerging South Asian markets. As such, the preconditions necessary for the success of this service and its potential implications will be largely different in this region.The paper explores Pakistan’s experience in introducing MNP and will investigate the suitability of introducing the same in India and other emerging South Asian microstates such as the Maldives. The paper will also consider how phone subscribers at the Bottom of the Pyramid (BOP) and the impact of the low-cost, low-ARPU pricing model implemented in South Asia will affect porting rates. The study will be mainly based on secondary data collection (existing reports, market trends and opinions of key stakeholders) while the BOP data will be sourced from LIRNEasia’s large sample study, carried out in six-countries in 2008.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128751396","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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