bluuebunny/crossref_metadata_2025 huggingface dataset:
Study on optimization of mechanical peeling for sweet potato
Authors: Vithu P , Dash Sanjaya K. , Rayaguru Kalpana , Pal Uma Sankar
Published: October 2021

The aim of this research work was to optimize the machine parameters of a commercially available tuber peeler for peeling of sweet potato to get maximum yield with minimum loss. The process was proposed for different parameters such as peeling efficiency, material loss and peeling effectiveness at different speeds of rotating disc (300, 400 and 500 rev/min or 5.4, 7.2 and 9 m/s), peeling durations (20, 40 and 60 s) and batch loads of 1 and 2 kg. The study revealed that the peeling parameters were greatly influenced by the speed of rotating disc, peeling duration and batch loads. The optimal conditions for peeling sweet potato were a peeling duration of 40 s and speed of rotating disc of 500 rev/min 2 kg batch loads. The corresponding peeling efficiency, peeling effectiveness and material loss were 83.8±2.0%, 74.2±1.3% and 11.45±0.71%, respectively. Further, the study showed that a batch load of 2 kg was suitable for commercial processing of sweet potato than 1 kg because of the better performance indices of peeling.
О находках Rhipicephalus (Boophilus) annulatus (Say, 1821) (Acari, Ixodidae) на западе Атырауской области
Authors: Sayakova Z.Z. , Bashmakova A.A. , Kozulina I.G. , Mellatova I.B.
Published: October 2021

Blood-sucking ticks are vectors of protozoal, bacterial, viral and rickettsial diseases. The study of ixodes ticks: fauna, ecology, biology is of great importance not only for epidemiology but is also of scientific interest. Changes in natural and climatic conditions, hydrological regime, rapid development of human economic activities lead to the changes in the fauna of invertebrates including ixodid ticks. As they invade new territories ticks may expand their habitats for these dangerous for animals and humans infections. That is why the study of tick fauna, changes in species diversity of ticks and monitoring of their abundance is so important for monitoring of natural foci. The emergence of a new species of ixodid tick Rhipicephalus annulatus, in western Kazakhstan, which began to be registered from 2019 in Kurmangazy district of Atyrau region, bordering the Astrakhan region of the Russian Federation and its re-finding in 2020 is a very important fact to assess the epidemiological danger for humans and animals in this territory.
The ecology and distribution of the Indian crested porcupines in the fauna of Artsakh
Authors: Ayrapetyan V.T. , Minasyan A.Dzh.
Published: October 2021

In the fauna of Artsakh, there is no information on the order of rodents, especially on porcupines, that can give a clear idea of the distribution, ecology and biology of these animals. The data presented in the literature are either fragmentary or outdated and incomplete. Thereby, the results of research carried out by us in the foothill and mountain zones of the Askeran, Martakert, Karvachar and Kashatag regions of Artsakh in the period of 1999-2020 are presented in the article. The paper discusses the dynamics of the porcupine population, changes and their causes, the habitat of these animals and the distribution of their nests, humidity and temperature in the nests. Particular attention is paid to the types of their daily and seasonal activities, depending on climatic conditions and temperature. The article presents the breeding time of porcupines, the dependence on vertical zoning, the composition of forages and their changes depending on the season.
Quality of the public administration as a determinant factor in ensuring good governance
Authors:   Academy of Public Administration, Republic of Moldova, Popovici Angela
Published: October 2021

In this article, an analysis is made that highlights the fact that the objective of developing the quality of public administration as a necessary condition for good governance remains relevant for the Republic of Moldova. Despite the fact that the public administration system of the Republic of Moldova has undergone a series of reforms in the last 20 years, its capacity to be at the service of the citizen and to support the economic growth of the country continues to be reduced. Lack of accountability for results, inadequate separation of roles between institutions, weaknesses in the organizational structure, general lack of incentives to attract competent and devoted people in the public sector and a high degree of politicization of public administration determine the poor quality of government. Added to these are issues related to the lack of transparency regarding the Government's ability to implement the recommendations received from organizations such as the World Bank and the IMF or to measure the impact of reform plans.
Public administration science - neoclasic organizational theories and approaches
Authors:   Academy of Public Administration, Republic of Moldova, Saptefrati Tatiana
Published: October 2021

In this article the author analyzes the contribution of neoclassical organizational theories in the development of organizations and their management process. Are identified differences in classical and neoclassical approaches to organization. Are studied behaviorists' research on the rational model of administration based on the role of human behavior in the establishment and functioning of organization. There are studied the theory of systems and the dynamic elements of the organization are highlighted. The paper analyzes the approaches of organizational humanism in the organization and functioning of public administration.
Public law legal entity
Authors:   Academy of Public Administration, Republic of Moldova, Chiper Natalia , Odainic Mariana ,   Academy of Public Administration, Republic of Moldova
Published: October 2021

After the entry into force of the Administrative Code of Republic of Moldova, the legal person under public law becomes a complex research topic. Taking into account the fact that, the Administrative Code of Republic of Moldova operates only with the notion of ,,public authority”, notions such as ,,public institution” and / or those legal entities of private law remain in the shadows which, in turn, by Law 714/200 on administrative litigation (repealed) were equivalent to public authorities, including in litigation cases. Of course, the above positions are not the only problematic moments in the judicial doctrine and practice, along the way the issue indicated in this article remains to be researched and argued continuously.
Particularities of gender sensitive budgets
Authors:   Academy of Public Administration, Republic of Moldova, Tofan Tatiana
Published: October 2021

In this article, are studied the peculiarities of gender-sensitive budgeting. In turn, gendersensitive budgeting means an inclusive approach to gender equality in the budgetary process of a state. It also describes the steps to integrate gender budgeting process.
Peculiarities of the dynamics of the enterprises of the Republic of Moldova by size classes
Authors:   Technical University of Moldova, Stratila Alina , Turcan Rina ,   Technical University of Moldova
Published: October 2021

This article examines the patterns of enterprise development that underlie the evolution of the Moldovan economy over the period 2010-2019 (10 years). The issues of personnel involvement in the economy and labor productivity, profit and profitability of enterprises from the point of view of their classification by dimension class: large, medium, small and micro-enterprises are considered. Attempts was made for identify the regularity between the economic growth of the country and the size of the enterprise carrying out financial and economic activities. The conclusions obtained in the framework of this study allow us to conclude the level of economic development and the prospects for its further growth, including through government intervention to support a particular category of enterprises.
Public services: institutional and functional dimensions
Authors:   Academy of Public Administration, Republic of Moldova, Bradu Sorin
Published: October 2021

In the main, the demends on public services providors for resources and capabilities will be increasingat a time when their flexibility to maneuver and to respond will be increasingly constrained. Anyway, there are two mains ways to provide public sevices: directly, by the services included into authorities of public administration structures, and a delegated-out way, to the other service providers. While there are many diferences between the countries in the extent and the ways in which public sevices are delegated-out, the main factors that will influence behavior are common to all the countries. The public service sector in Europe is vast and complex, because there is no general consensus on what constitutes a „public service”, and the activities included under the term can vary significantly between contries.
European social protection standards
Authors:   Academy of Public Administration, Republic of Moldova, Cotofan Denis
Published: October 2021

The article addresses European social protection standards from the perspective of the existence of several models of national social protection systems throughout the European Union and the need to develop general principles for all European countries in order to ensure the well-being of citizens. Thus, on the basis of the development of those standards, the balance between the interests of society in general and the rights of the individual were respected, taking into account economic development and levels of social protection. As a result, the European social model has been created which provides a high level of social protection and covers activities vital to social cohesion, being structured by a series of legal rules.
Reflections on legal deficiences and discordances affecting mutual legal assistance in criminal asset recovery
Authors:   Moldova State University, Scorpan Alesea
Published: October 2021

Most of the legal impediments that appears in front of the criminal assets recovery at the international level are the requirements for mutual legal assistance (MLA); excessive banking secrecy; lack of procedures for non-conviction-based confiscation; and excessively difficult procedural and evidentiary laws. Removing legal impediments is obviously essential. Absent a clear and sound legal framework, asset recovery becomes, in a best-case scenario, arduous and, in a worst-case scenario, impossible. Thus, the analysis of the reports of the practitioners in the field at international level, can offer us solutions, which will raise the state to another level. The long process of asset recovery and the low level of cooperation is the best evidence of the shortcomings that stagnate the process of recovering criminal assets.
Hemorragia abdominal difusa após acidente botrópico: relato de caso
Authors: Da Rocha João Wilson , Simões Honolfo Elves , Cassoma Evaldo Jorge
Published: October 2021

Os acidentes ofídicos causados pelo gênero Bothrops ocasionam manifestações locais secundárias à ação inflamatória aguda do veneno. A ocorrência de óbito (em torno de 0,6% do total de casos atendidos anualmente no Brasil) é rara, mas certamente, traumática. O relato deste caso visa chamar a atenção para possíveis complicações sistêmicas (insuficiência renal e sepsis) e hemorrágicas neste tipo de envenenamento e enfatizar as medidas terapêuticas e de suporte que devem ser realizadas em tempo hábil.
THE PREVALENCE OF CHRONIC HEPATITIS C IN PATIENTS PRESENTING WITH VAGUE RHEUMATIC SYMPTOMS IN A LOCAL COMMUNITY IN DISTRICT PUNJAB, PAKISTAN
Authors: Sarwar Faheem , Murtaza Ghulam , Javed Sana
Published: October 2021

Objective:

This study has been conducted to highlight the prevalence of chronic hepatitis in patients presenting with vague symptoms such as generalized body aches and weakness.

Methods:

A cross-sectional study was conducted in Tehsil Headquarter Hospital Sharaqpur, Sheikhupura, Pakistan. During a period of two and a half months, 751 patients presenting to general outdoor department with vague symptoms were selected through random sampling. They were tested for Anti Hepatitis C Virus Antibodies, Hepatitis B Surface Antigen, and Anti Human Immunodeficiency Virus Antibodies with Rapid Immunochromatographic Test Kits. Statistical analysis was performed using IBM SPSS Statistics version 23.

Results:

Of the 751 randomly selected patients, 28 were eliminated due to missing data. Out of 723 included participants, 36% were male and 64% were female with a mean age of 53.11±11.2 years. 26.42% people were screened positive for Hepatitis C (N=191). 1.7% people were screened positive for Hepatitis B (N=13). Whereas only 0.12% (N=1) were HIV positive.

Conclusion:

This study established that Chronic Hepatitis often presents with mild and vague symptoms. Also, the prevalence of HCV is significantly higher in our population in spite of the ongoing hepatitis control programs and is rising in contrast to the global decline.
THE SAFETY OF VEROCELL COVID -19 (SINOPHARM) VACCINATION AMONG HEALTH CARE WORKERS IN KHYBER TEACHING HOSPITAL, PESHAWAR
Authors: Altaf Shandana Altaf , Amer Mariana Amer , Azhar Amer Azhar
Published: October 2021

Objectives: To determine the safety of Sinopharm Covid -19 vaccine among health care workers of Khyber Teaching Hospital (KTH, Peshawar).

Material and Methods: This observational study was carried out to assess the side effects associated with the first dose of Sinopharm vaccine among health care workers in KTH Peshawar, Pakistan. Data was collected using a close ended questionnaire which was filled by the health care workers above 18 years of age. The participants were asked to monitor any side effects upto 1 week after the first dose of sinopharm vaccine administered to them. Data was analyzed using SPSS version 23 for macbook.

Results: A total of 400 health workers were included in the study but only 155 partcipants responded by completing the questionnaire. It was observed that 63.9% of the participants who were vaccinated experienced at least one symptom after vaccination. The most common symptom was pain at injection site (36.8%) experienced during 15 – 30 minutes after vaccination. The occurrence of symptoms after vaccination was greater in age group 24-42 years which was 60.6% while in age group 43-60 years it was 39.4%. Our analysis shows that there is no association between co-morbidities and post vaccination symptoms (p>0.01).

Conclusion: Our study concludes that sinopharm vaccine has no severe/ moderate side effects and therefore safe for public use.

Key words: Safety, SARS Covid-19, Sinopharm vaccine
Zagrożenia mające wpływ na bezpieczeństwo społeczne państwa
Authors: Kardis Kamil , Pauliuchuk Yury
Published: October 2021

Współcześnie istnieje wiele zagrożeń bezpieczeństwa społecznego. W Pierwszej części artykułu autorzy opisują oraz dzielą zagrożenia społeczne. W dalszej części zwracają uwagę na poszczególne zagrożenia oraz szczegółowo je charakteryzują. Bardzo ważne znaczenie ma polityka państwa, która kształtuje społeczeństwo i ma wpływ na jego życie. Państwo dąży do poprawy bezpieczeństwa społecznego, ponieważ ilość czynników generujących zagrożenia wraz z rozwojem cywilizacyjnym stale wzrasta, pomimo stosowania coraz doskonalszych systemów zabezpieczeń dlatego celem artykułu jest przybliżenie problematyki zagrożeń bezpieczeństwa społecznego oraz ukazanie wpływu na bezpieczeństwo państwa.
Determinanty bezpieczeństwa ekonomicznego państwa
Authors: Kożak-Siara Tatiana , Majkowska Joanna
Published: October 2021

Autorki artykułu w pierwszej części definiują bezpieczeństwo ekonomiczne oraz przedstawiają definicję na dwóch płaszczyznach: społeczno-gospodarczej oraz ekonomiczno-obronnej. Zwracają uwagę, iż bezpieczeństwo ekonomiczne jest pojmowane jako część składowa problemów politycznych. Kolejno, charakteryzują szczegółowo najważniejsze zagrożenia bezpieczeństwa ekonomicznego państwa, a także przedstawiają podział ryzyka na grupy. Artykuł pokazuje, jak ważną rolę w systemie bezpieczeństwa państwa odgrywa zarządzanie ryzykiem oraz jak duży wpływ ma rozwój gospodarczy na bezpieczeństwo ekonomiczne państwa. Z tej przyczyny utrzymanie równowagi gospodarczej pozwoli państwu na zapewnienie swoim obywatelom poczucia bezpieczeństwa, jak i zapewnienia minimalnych potrzeb do godnego bytowania.
Conhecimento científico produzido sobre a Síndrome da Ardência Bucal nos últimos cinco anos
Authors: Almeida Igor Ferreira Borba de , Morais Vinicius Da Silva , Vieira Ana Gabriela De Souza , Monteiro Rhayane Da Conceição , Almeida Deybson Borba de
Published: October 2021

Objetivo: realizar revisão integrativa da literatura sobre a Síndrome da Ardência Bucal (SAB). Materiais e Método: trata-se de uma revisão integrativa da literatura sobre a SAB nos últimos cinco anos. Utilizou-se as bases de dados Medline, SciELO e Lilacs para a pesquisa, empregando de forma combinada os descritores relacionados à temática. Como critérios de inclusão, decidiu-se selecionar publicações sobre a temática que estivessem disponíveis para leitura em qualquer idioma dos últimos cinco anos. Foram excluídos os estudos sem relação com o tema. Resultados: após análise, apenas 42 estudos foram selecionados para esta revisão.A maior parte dos artigos era publicada em inglês, porém, foi o Brasil que apresentou o maior número depublicações. As pesquisas avaliadas demonstraram os seguintes resultados: o sexo feminino é o mais acometido; maior prevalência acima dos 60 anos; dor, queimação e xerostomia são os sintomas mais relatados. O laser foi bastante relatado como terapia, além do uso de fármacos. Conclusão: a revisão apresentada neste artigo constatou que a maioria dos artigos, apesar de oriundos do Brasil, foi publicada no idioma inglês. A maioria dos trabalhos destacou que indivíduos do sexo feminino acima dos 60 anos são mais acometidos. Pacientes com SAB apresentam dor e queimação em língua e palato, principalmente. Fatores psicológicos e gastrointestinais podem estar associados ao aparecimento desta síndrome, e os usos do laser e de fármacos fitoterápicos, ou não, parecem melhorar o quadro clínico dos indivíduos acometidos.
Concentração do fluoreto em dentifrícios distribuídos pelo serviço público em Salvador, Bahia
Authors: De Souza Isabella Belmonte Caetano , Bandeira Miranda Luís Fernando , Cury Jaime Aparecido , Machado Cintia De Vasconcellos
Published: October 2021

Introdução: de acordo com a legislação brasileira, um dentifrício não pode conter mais que 1.500 ppm deflúor total (FT), e o fabricante deve declarar na embalagem a concentração e o tipo de sal de flúor que oproduto contém. No entanto, para que possa exercer um efeito anticárie, o produto deve conter pelo menos1.000 ppm F (mgF/kg) na forma quimicamente solúvel. Objetivo: avaliar as concentrações de flúor total (FT)e flúor solúvel total (FST) em dentifrícios distribuídos pelo serviço público de saúde da cidade de Salvador,Bahia. Materiais e métodos: três amostras de um dentifrício (MFP/CaCO3, 1.500 ppm F como FT) que estavasendo distribuído pelo serviço público de saúde de Salvador, BA, foram obtidas. Como controle, foi utilizadoum dentifrício com a mesma formulação (1.450 ppm de FT) encontrado no comércio da cidade de Piracicaba,SP. As análises foram realizadas com eletrodo específico para fluoreto, empregando metodologia já validada e os resultados expressos em ppm F (mg F/kg). Resultados: em todas as amostras avaliadas, foram encontrados apenas 61,8 ppm F de FT, evidenciando que não foram fluoretadas, fato este nunca antes relatado no Brasil. De outro modo, no dentifrício utilizado como controle, havia 1404,7 ppm F de FT, do qual 1.270,0 ppm estavam solúveis (FST). Conclusão: os cremes dentais avaliados nesta pesquisa não são capazes de exercer um efeito anticárie, uma vez que não foram fluoretados. Esses dados mostram a urgência de modificação da regulamentação brasileira vigente e a necessidade de maior controle de qualidade desses produtos.
International Real Estate Review
Authors:   City University of Hong Kong, Leung Charles Ka Yui , Wei Peiling ,   Chinese University of Hong Kong, Wong Siu Kei ,   The University of Hong Kong
Published: October 2021

Due to the relocation of manufacturing facilities from Hong Kong to Mainland China, it is widely believed that some vacant private factories have been used as offices in Hong Kong. Yet there is no direct and systematic evidence to support this speculation. In fact, according to MacGregor and Schwann (2003), industrial and commercial real estate shares some common features. Our research attempts to investigate empirically the price and volume relationship between industrial and commercial real estate, using both aggregate and disaggregate data from the industrial and commercial property markets in Hong Kong. The study was built on the observation that economic restructuring and geographical distance will affect the substitutability (and thus the correlation) of different types of property, and utilizes commonly used time series techniques for analysis. Policy implications are discussed.
International Real Estate Review
Authors:   Jumeirah Islands Dubai, Naidu Kiran Kumar , Heywood Chris ,   The University of Melbourne, Reed Richard ,   The University of Melbourne
Published: October 2021

Business process outsourcing (BPO) is transforming Western companies’ corporate real estate (CRE) requirements. When business processes move to a developing country there are consequences for that country’s CRE practice. This paper considers the effects of western BPO on Indian CRE. Qualitative and quantitative analysis was used to analyze data from a survey of professionals operating in Indian CRE. Location issues, quality of workspace, and the availability of human resources were identified as important in establishing BPO activities in India. Suburban, and campus or built-to-suit facilities, were increasingly preferred locations and styles of workplace that were transforming Indian CRE practice. Also, the effect of western BPO was impacting on the types of CRE services being offered. With the continuing growth in BPO to ‘secondary cities’ the transformational effects on local CRE practice are likely to spread and further transform CRE practice in India.
International Real Estate Review
Authors:   University of South Australia, Hemphill Elizabeth
Published: October 2021

This paper explores agent sales presentations in the real estate property listing process using structural equation modeling. Data were collected from both vendors and agents to identify important agent attributes in both successful and unsuccessful presentation attempts. The research found that agents consider really hearing the vendor, getting along with the vendor and getting to know the vendor as key elements of a listing attempt, whilst vendors suggest the path to listing is through negotiation, that some level of negotiation must take place. Research should now examine the influence of time in this critical listing process step with reference to both agent and vendor perspectives using metrics other than perceptions of vendor satisfaction.
International Real Estate Review
Authors:   Ozyegin University, Erol Isil , Patel Kanak ,   University of Cambridge
Published: October 2021

This paper evaluates the default risk of civil servants’ wage-indexed payment mortgage (WIPM) contract in Turkey, which is linked to the expected inflation. The aim of the study has two sides: one is to apply the contingent claims approach, which has been widely used to price standard fixed- and adjustable-rate contracts, to price an inflation-indexed mortgage. The second is to understand if WIPM contract is a suitable mortgage design for lenders under an inflationary economy. We extend the traditional risk-neutral valuation for pricing the WIPM contract with its embedded default option. Using backward pricing method, namely the explicit finite difference method, we evaluate this unique nflation-indexed mortgage contract from the lender’s point of view. The expected inflation and house price are the two tochastic variables underlying the WIPM contract. Our numerical results show that the lender benefits from originating WIPM only during the periods when the real interest rate is very low. Expected inflation risk premium notably increases the value of future payments on WIPM contract, resulting in high values of lender’s position in the mortgage agreement. The results also show that house price volatility has a greater effect on the borrower’s default option value compared to the expected inflation volatility
International Real Estate Review
Authors:   China University of Technology, Hsueh Li-Min , Tseng Hsi-Peng ,   Ching-Wen Institute of Technology, Hsieh Chang-Chiang ,   National Taiwan University
Published: October 2021

In this research, cross-sectional data for the township level obtained from the 1990 and 2000 Population and Housing Census are used to study the phenomenon of high housing vacancy rates in Taiwan. Three simultaneous equations for housing price, vacancy rate, and moving rate are derived and estimated using 3SLS. The estimation results show that, in 1990, in a booming market situation, both expected housing price and current housing price had a strong, positive impact on the vacancy rate; however, the housing vacancy rate did not display a negative impact on housing price as expected. The results for 2000 show that housing price did not significantly affect the vacancy rate; however, the vacancy rate had a negative impact on housing price that was highly statistically significant. This result reflected the fact that housing market operation had swung to another extreme after the real estate bubble that started in the late 1980s and burst in the mid-1990s. The natural vacancy rate for each township can be obtained from the estimation results. The average rate for 2000 was 0.11 to 0.12, compared to an actual vacancy rate of 0.158, which implied that 75% of townships had an excess supply of housing. Only Taipei City, Kaohsiung City and townships in areas inhabited by Taiwan’s indigenous peoples had, on average, a relatively low excess supply rate.
International Real Estate Review
Authors:   Florida State University, Holmes Cynthia , LaCour-Little Michael ,   California State University
Published: October 2021

We combine loan data from distinct sources to compare and contrast multifamily mortgage lending in Canada and the U.S. After a general comparison of the multifamily housing markets in the two countries, we focus on loan pricing and non-price contract terms in the two environments. We find longer loan terms in the U.S. compared to Canada and attribute this to the greater liquidity available from a more established secondary mortgage market. We also find that while nominal rates are higher in Canada, mortgage spreads are actually lower, a result likely due to contract features that raise the cost of default for borrowers and restrict prepayments". In terms of loan performance, we found greater prepayment risk in U.S. mortgages and greater default risk in Canadian mortgages, although findings regarding default are limited by small sample size.
International Real Estate Review
Authors:   Florida Atlantic University, Cheng Ping , Roulac Stephen E. ,   Roulac Global Places
Published: October 2021

This paper examines the relationship between return predictability and REIT characteristics. We build a multifactor model based on a set of firm-specific factors that include (1) Risk factors; (2) Liquidity factors; (3) Expensiveness; (4) Profitability; and (5) Return history. Our model demonstrates the capability of predicting the “winners” and the “losers,” with fairly high consistency. Given the large return differences uncovered by the model, and the fundamental characteristics of the “winners” versus the “losers,” it is unlikely that strong results are artifacts of a biased methodology.
International Real Estate Review
Authors:   City University of Hong Kong, Leung Charles Ka Yui , Wang Wei ,   Penghua Fund Management Co.
Published: October 2021

Many existing studies on the China real estate industry are empirical, or policyoriented. This paper complements the literature by adopting the DiPasquale and Wheaton model (1996) to study the China housing market, and trace the impact of different policies. Surprisingly, the model is capable of accounting for several developments in the market. We also extend the model to a dual-class housing situation, not only for the analysis of a recent policy change in China, but also for the potentially independent interest of other countries. A summary of the evolution of recent China housing policies is provided.
International Real Estate Review
Authors:   University of North Carolina, Ott Steven H. , Riddiough Timothy J. ,   University of Wisconsin, Yi Ha-Chin ,   Texas State University-San Marcos, Yoshida Jiro ,   Tokyo University
Published: October 2021

Using over 25 years of quarterly U.S. and Japanese time series data, this paper examines the determinants of demand for an important class of real assets: commercial real estate. We specify a structural model of market equilibrium that considers direct effects of real investment on built asset price. Our empirical findings are consistent across countries and produce several new results. First, we find that real investment exerts a significant positive direct effect on asset price, which in turn feeds back to impact investment decisions. Second, idiosyncratic risk is found to be strongly positively related to asset price, and to complement supply effects. Third, systematic risk is priced as expected, where the strength of the relation between asset price and systematic risk is found to be higher than in previous studies of capital asset prices. Fourth, lagged values of price determinants (of up to two years) are consistently important in real asset demand estimation. Alternative explanations for our findings are analyzed and discussed. Implications for asset pricing model specification and interpretation are also considered.
International Real Estate Review
Authors:   University of Overseas Chinese, Wang Kuan Min , Lee Yuan-Ming ,   Diwan College of Management, T.T.Binh Nguyen ,   Chaoyang University of Technology
Published: October 2021

Conclusions of past works on the inflation hedging ability of real estate investment are not consistent. The reason for this perplexity might be the neglect of separation between high and low state of inflation, which has a great influence on empirical results. In order to examine the inflation hedging effectiveness of real estate with Taiwanese monthly housing returns and inflation, this paper uses the inflation as the threshold variable to create the nonlinear vector correction model that divides the inflation rates into high and low regime. We find robust evidence that when inflation rates are higher than 0.83% threshold value, housing returns are able to hedge against inflation, and, otherwise, they are unable. Using new methodology to discover new implications is main contribution of this study.
International Real Estate Review
Authors:   University of the Philippines, Cruz Prince Christian
Published: October 2021

Asia is home to some of the fastest growing cities in the world. As urbanization increases, demand for housing also increases. Well functioning housing markets can minimize problems associated with rapid urbanization such as unaffordable housing and urban slums. This paper explores the different aspects of the residential property sales markets in Asian countries. Using data gathered by the Global Property Guide, transaction costs associated with residential property purchases are analyzed. Housing markets are also examined in terms of tenure, protection of property rights, and openness and transparency. Roundtrip transaction costs for buying properties are high, above 10% in several countries in Asia. High transaction costs and unaffordable housing combined with weak protection of property rights are seen to be conducive to the creation of urban slums.
International Real Estate Review
Authors:   Integrated Financial Engineering, Cassidy Henry J. , Dennis Barry ,   Integrated Financial Engineering, Yang Tyler T. ,   Integrated Financial Engineering
Published: October 2021

This paper introduces Home Appreciation Participation Notes (HAPNs), an innovative new housing finance tool. Housing is a commodity providing two distinct utilities: shelter and investment. Traditionally, buyers have had to purchase both elements in tandom. HAPNs allow buyers to purchase these elements individually. Thus, buyers can focus on purchasing housing units that best fit their shelter needs, investing in housing appreciation to whatever extent is appropriate for the needs of their investment portfolio. HAPNs are different from previous financing tools in three key ways: there is no payment burden until ownership of the home is transferred, the risk of housing price declines is shifted to investors, and the final payoff is indexed to the appreciation rates of local housing prices. With these three features, HAPNs considerably improve the affordability of homeownership while reducing the risk of default and avoiding the moral hazard associated with shared appreciation instruments.
International Real Estate Review
Authors:   International University of Japan, Mori Masaki , Diaz Julian ,   Georgia State University, Ziobrowski Alan J. ,   Georgia State University
Published: October 2021

A considerable number of U.S. borrowers still choose adjustable rate mortgages (ARMs) over fixed rate mortgages (FRMs) even when interest rates are historically very low. This study examines the psychological reasons for the popularity of ARMs by testing the Prospect theory’s reflection hypothesis. Experiments are conducted using business professionals. The results suggest that psychological factors may explain why ARM borrowers tend to ignore the associated risk factors, focusing heavily upon pricing factors when choosing mortgage type. The results also indicate that borrowers may be viewing mortgage selection as part of a positive choice; namely, acquiring a home.
International Real Estate Review
Authors:   Shenzhen Real Estate Research Center, Li Yan , Guo AHongling ,   Hong Kong Polytechnic University, Wang Yaowu ,   Harbin Institute of Technology, Wang Feng ,   Shenzhen Real Estate Research Center, Wang Zheren ,   Harbin Institute of Technology
Published: October 2021

With the continuous increase of marketization and normalization in the Chinese real estate market, the market mechanism now plays an important role in market regulation. The existing macro-control system for the real estate market, however, appears to lack the ability to regulate it. Thus, an effective and efficient information-oriented tool is needed to guide the development of China’s real estate market. The research reported herein constructs a new macro-control system for this market that is based on information systems, specifically, a real estate warning system, a confidence index system, and a simulation system. This paper first presents the framework of the new information systems-based macro-control system, and its functions are analyzed. The methods of constructing the system are then discussed. Based on these methods, the index systems of the respective information systems are established, and the main models are presented. Finally, a case study that is based on survey data from the Shenzhen real estate market is described to demonstrate the applicability of the new macrocontrol system.
International Real Estate Review
Authors:   Tamkang University, Liu Wei-han , Zhou Zhefang ,   City University of Hong Kong
Published: October 2021

This paper examines the inflation-hedging behavior of the Hong Kong securitized real estate market between April 1986 and April 2007. The monthly series of the Hang Seng Property Index (HSPI) is selected as the proxy of the Hong Kong securitized real estate market due to its comprehensive coverage and availability of rich data. We find that the vector autoregressive forecast error method, which is introduced by Den Haan (2000), outperforms the traditional linear vector autoregressive model and vector error correction model techniques in depicting the comovement between the HSPI and inflation rate. The comovement estimates show a positive correlation between the HSPI and inflation rate in the short-term and a negative correlation in the long term which indicates that the Hong Kong securitized real estate market can serve as an inflation hedge in the short term, but becomes a perverse inflation hedge in the long run. This inflation-hedging pattern differs from those of its neighboring major East Asian markets. This study demonstrates that the inflation-hedging capability of securitized real estate is not a static issue, but rather, depends on the length of the forecast horizon.
International Real Estate Review
Authors:   National Pingtung Institute of Commerce, Lee Chung-Chang
Published: October 2021

This paper uses hierarchical linear modeling (HLM) to explore the influence of satisfaction with public facilities on both individual residential and overall (or regional) levels on housing prices. The empirical results indicate that the average housing prices between local cities and counties exhibit significant variance. At the macro level, the explanatory power of the variable ¡§convenience of life¡¨ on the average housing prices of all counties and cities reaches the 5% significance level. The influence of the satisfaction with convenience of life in different counties and cities on housing prices exhibits significant variances.
International Real Estate Review
Authors:   The KDI School of Public Policy and Management, Cho Man
Published: October 2021

The purpose of this study is two-fold: first, to explain the demise of subprime and Alt-A mortgage markets in the U.S. from the viewpoint of measuring and managing mortgage credit risk; and secondly, to discuss several policy lessons that can be learned from the market meltdown. To that end, three tiers of mortgage credit models are elaborated, including the scoring (or risk rank-ordering), risk-based pricing, and ¡§sizing¡¨ (or the analytics used in determining subordination levels of credit- sensitive mortgage backed security (MBS) deals) models. Using these as conceptual underpinning, empirical evidence is surveyed to document key contributing factors to the market demise. Those that are identified include the non-availability of reliable mortgage performance data, lack of theory as well as industry best-practices in performing simulation-based mortgage risk assessments, complex and arcane structures of mortgage backed securities, and information asymmetry among the parties involved in the security transactions. The overall conclusion derived is that the participants to these market segments surpass their risk management capabilities in globalizing funding for subprime and Alt-A mortgages. The policy lessons emphasized are the importance of the infrastructure of proper risk assessment and risk-based pricing, as well as prudent and transparent MBS products along with periodic information disclosure.
International Real Estate Review
Authors:   Changwon National University, Bahng Doo Woan , Park Sae Woon ,   Changwon National University
Published: October 2021

We examine the behavior of broker quotes in Korean housing markets by comparing the Kookmin Bank apartment (a condominium in a high- rise residential building) price index, a broker quote based apartment price index, and a repeat sales apartment price index that we built using transaction prices, which have become available since January 2006. Broker quotes may differ from actual prices depending on the housing market conditions. Specifically, we test the hypotheses: (1) price increases shown by the broker quote based apartment price index are greater than those shown by the repeat sales apartment price index in an up market; and (2) the broker quote based price index shows a far less price reduction than the repeat sales price index in a down market. We find that indeed in a down market, the broker quote based price index shows far less price reduction than the repeat sales price index (5.75%-8.07%). However, the broker quote based price index does not distort the prices in an up market, where trading volumes are high. It appears that the price inflation in the broker quotes rises as the transaction volume drops. While broker quotes are substantially higher than transaction prices in a down market, the broker sentiment, which is a qualitative assessment of market conditions, appears to be more in line with transaction prices. We have also documented that the broker quote based index reaches its peak about two months after the peak of the repeat sales based index. Finally, broker quotes are smooth in comparison to transaction prices and they are smoothed more in a down market than an up market. Our results suggest that an optimistic view of broker quotes is problematic only in down markets where trading volumes are limited. The price inflation in broker quotes is a risk to the financial system in a market with only a broker quote based index in that it overstates the collateral values underlying mortgage loans in a down market.
International Real Estate Review
Authors:   Fudan University, Chen Jie , Hao Qianjin ,   Fudan University
Published: October 2021

This paper contributes to the literature by examining how much the prediction accuracy of real estate prices could be improved by applying hedonic equations at suitably defined disaggregate levels and incorporating directional heterogeneity of distance gradients. We build our empirical analysis on a large-scale database of real estate projects sold between 2005 and 2007 in Shanghai. Our analysis suggests that the Shanghai real estate market is a complex aggregate and taking into account submarket and directional heterogeneity in hedonic regressions could provide considerable benefits in improving the precision of real estate price predictions.
International Real Estate Review
Authors:   University of Pennsylvania, Wachter Susan
Published: October 2021

The present period of financial instability is also likely to become known as the end of an era; an era of economic calm and policy consensus on ways to maintain market stability. After World War II, the federal government operated on the Keynesian principles that the right mix of spending, regulation, and interest rates could tame economic cycles and eliminate surges of unemployment. In this period, now known as the Great Moderation, we assumed that we knew how to prevent economic crises, such as the recurrence of the Great Depression. However, it is clear that those principles were erroneous as the economy has entered a lesser, but still severe downturn; the Great Recession. This paper looks at the sources of the ongoing economic crisis and points to the unique role in its origins of real estate asset bubbles and mispriced credit, not only in the origin of this crisis, but of many financial crises. An analysis of the data points to the role of mispriced mortgage backed securities (MBS) in the spread of aggressive mortgage products and the unwarranted price speculation that resulted in massive foreclosures. In turn, the paper addresses the source of mispriced risk in MBS as incomplete markets in real estate and non-tradability of MBS and related securities, which ultimately led to the collapse of financial system, threatening global economic health. The paper also suggests corrective measures that can and should be taken to assist the short and long term recovery.
International Real Estate Review
Authors:   Coppin State University, Anoruo Emmanuel , Braha Habtu ,   Coppin State University
Published: October 2021

This study examines the long memory properties of composite, equity, mortgage, and hybrid real estate investment trust (REIT) returns by using semi-parametric and wavelet estimators. In particular, this paper applies the GPH semi-parametric estimator, the Haar and the Daubechies wavelet procedures to investigate the long memory properties of REIT returns. The results from the various procedures reveal that composite, equity, mortgage, and hybrid REIT returns are long memory processes with anti- persistence. The existence of long memory suggests that the dynamics which govern the four return series contain predictable components. This finding indicates that the markets for composite, equity, mortgage, and hybrid REITs are inefficient. The fact that these markets are inefficient suggests that investors can devise profitable strategies by using historical data or past information.
International Real Estate Review
Authors:   University of Macerata, Biasin Massimo , Quaranta Anna Grazia ,   University of Bologna
Published: October 2021

In contrast to the US experience, most international (European) real estate investments trusts (REITs) are subject to prudential regulation. This paper investigates the effects of prudential regulation on capital structures and consequently, the REIT share values of major legal and market constraints (i.e. leverage limitations, market discount on net asset value (NAV), tax controls) that affect non-US REITs. Italian market data are used for an empirical analysis. Our hypothesis is that in a constrained environment, the effects on share price significantly depend on the adopted valuation perspective, i.e. if shares are valued by following a NAV or a financial approach. The logic for this hypothesis is that the two valuation methodologies perceive leverage and implied financial risk differently. In particular, we argue that NAV valuation techniques incentivise REITs to maximize leverage regardless of the financial theory which indicates a contrasting impact of debt on the market value of shares. Differences in financial risk perception could also partially explain market price discounts on NAVs.The empirical results seem to support these expectations. Almost all Italian REITs tend to increase debt ratios over time. NAV discounts are significantly related to leverage. The discount effect is largely attributable to NAV increases that result from rising debt levels. On the contrary, share market prices tend to be independent from leverage. The latter result may indicate that the classic capital theory applies and current debt ratios do not imply bankruptcy risk. The results have significant policy implications in terms of an optimal regulatory design.
International Real Estate Review
Authors:   University of Granada, Navarro-Galera Andrés , Pérez-López María del Carmen ,   University of Granada, Rodríguez-Ariza Lázaro ,   University of Granada
Published: October 2021

Some international standards have proposed that the fair value approach should be used to evaluate real estate assets. The choice to use this method or another approach could influence the quality of the financial reports published in response to information demands by company stakeholders.In this study,we will examine whether fair value evaluation, in the real estate context, improves the utility of construction company financial reports. For this purpose, we have addressed a questionnaire to financial directors that concern the relevance, reliability and viability of this valuation criterion. Based on the opinion of the respondents, our results show that the fair value model would improve the usefulness of financial reports to evaluate company solvency, and would also improve the comparability, timeliness and understandability of such reports.