scholarly journals International Real Estate Review

2018 ◽  
Vol 21 (4) ◽  
pp. 549-566
Author(s):  
Zheng Chang ◽  
Keyword(s):  
Hong Kong ◽  
Real Estate ◽  
Instrumental Variable ◽  
Causal Effect ◽  
Mainland Chinese ◽  
Skilled Immigrants ◽  
Instrumental Variable Estimation ◽  
Housing Value ◽  
The Impact ◽  
Neighborhood Level

This study examines the causal effect of the recent inflow of high-skilled immigrants on the housing value of the properties of Hong Kong natives. We categorize homebuyers into local, Mainland Chinese, and other foreigners, and construct neighborhood-level housing profiles based on housing transactions from 2011 to 2016. We estimate the impact of immigrants on housing value at the neighborhood level. By using instrumental variable estimation, we find that recent immigrant inflow does not generate significant impact on the willingness of Hong Kong natives to pay for housing units.

scholarly journals Differences between Chinese Adolescent Immigrants and Adolescent Non-Immigrants in Hong Kong: Perceived Psychosocial Attributes, School Environment and Characteristics of Hong Kong Adolescents

2021 ◽  
Vol 18 (7) ◽  
pp. 3739
Author(s):  
Hechao Jiang ◽  
Daniel T. L. Shek ◽  
Moon Y. M. Law
Keyword(s):  
Hong Kong ◽  
Psychosocial Development ◽  
School Environment ◽  
Social Trust ◽  
Moral Character ◽  
Mainland Chinese ◽  
Adolescent Immigrants ◽  
Chinese Adolescent ◽  
Hong Kong Adolescents ◽  
The Impact

Although the impact of immigration on adolescent developmental outcomes has received extensive scholarly attention, the impact of internal migration, particularly in the Chinese context, on adolescents’ psychosocial development has not been scientifically investigated. This study examined whether mainland Chinese adolescent immigrants (N = 590) and adolescent non-immigrants (n = 1798) differed on: (a) psychosocial attributes indexed by character traits, well-being, social behavior, and views on child development, (b) perceived school environment, and (c) perceptions of characteristics of Hong Kong adolescents. Consistent with the healthy migration hypothesis, Hong Kong adolescents and mainland Chinese adolescent immigrants did not differ on most of the outcomes; Chinese adolescent immigrants showed higher perceived moral character, empathy, and social trust than did Hong Kong adolescent non-immigrants. Chinese adolescent immigrants also showed more favorable perceptions of the school environment and moral character, social trust and social responsibility of adolescents in Hong Kong. This pioneer Chinese study provides support for the healthy immigration hypothesis (immigration paradox hypothesis) but not the immigration morbidity hypothesis within the specific sociocultural context of Hong Kong in China.

scholarly journals Broadband Internet and Income Inequality

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Georges V. Houngbonon ◽  
Julienne Liang
Keyword(s):  
Income Inequality ◽  
Low Income ◽  
Instrumental Variable ◽  
High Speed ◽  
Service Sector ◽  
Internet Access ◽  
Skilled Workers ◽  
Broadband Internet ◽  
Instrumental Variable Estimation ◽  
The Impact

Abstract Digital technologies like the Internet can affect income inequality through increased demand for employment in manual and abstract jobs and reduced demand for employment in routine jobs. In this paper, we combine city-level income distribution and jobs data with broadband data from France to investigate the impact of broadband Internet access on income inequality. Using an instrumental variable estimation strategy, we find that broadband Internet reduces income inequality through increased employment in manual jobs. These effects increase with the availability of skilled workers and are significant in cities with a large service sector or high-speed Internet access. Further, the diffusion of broadband Internet comes with relatively greater benefits in low-income cities compared to high-income cities. Several robustness checks support these findings.

Data centers as the backbone of smart cities: principal considerations for the study of facility costs and benefits

Facilities ◽  
2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Patrick T.I. Lam ◽  
Daniel Lai ◽  
Chi-Kin Leung ◽  
Wenjing Yang
Keyword(s):  
Hong Kong ◽  
Real Estate ◽  
Data Center ◽  
Data Centers ◽  
Smart Cities ◽  
Costs And Benefits ◽  
Content Type ◽  
Cost And Benefit ◽  
Mission Critical ◽  
The Impact

Purpose As smart cities flourish amidst rapid urbanization and information and communication technology development, the demand for building more and more data centers is rising. This paper aims to examine the principal issues and considerations of data center facilities from the cost and benefit dimensions, with an aim to illustrate the approaches for maximizing the net benefits and remain “green.” Design/methodology/approach A comprehensive literature review informs the costs and benefits of data center facilities, and through a case study of a developer in Hong Kong, the significance of real estate costs is demonstrated. Findings Major corporations, establishments and governments need data centers as a mission critical facility to enable countless electronic transactions to take place any minute of the day. Their functional importance ranges from health, transport, payment, etc., all the way to entertainment activities. Some enterprises own them, whilst others use data center services on a co-location basis, in which case data centers are regarded as an investment asset. Real estate costs affect their success to a great extent, as in the case of a metropolitan where land cost forms a substantial part of the overall development cost for data centers. Research limitations/implications As the financial information of data center projects are highly sensitive due to the competitive status of the industry, a full set of numerical data is not available. Instead, the principles for a typical framework are established. Originality/value Data centers are very energy intensive, and their construction is usually fast tracked costing much to build, not to mention the high-value equipment contents housed therein. Their site locations need careful selection due to stability and security concerns. As an essential business continuity tool, the return on investment is a complex consideration, but certainly the potential loss caused by any disruption would be a huge amount. The life cycle cost and benefit considerations are revealed for this type of mission-critical facilities. Externalities are expounded, with emphasis on sustainable issues. The impact of land shortage for data center development is also demonstrated through the case of Hong Kong.

scholarly journals International Real Estate Review

2000 ◽  
Vol 3 (1) ◽  
pp. 93-108
Author(s):  
Ko Wang ◽  
◽  
Yuqing Zhou ◽  
Su Han Chan ◽  
K. W. Chau ◽  
...  
Keyword(s):  
Hong Kong ◽  
Real Estate ◽  
Private Information ◽  
Subjective Probabilities ◽  
Rational Model ◽  
Asian Countries ◽  
Real Estate Markets ◽  
The Real Estate ◽  
Industrial Sectors ◽  
The Impact

Studies on the calibration of subjective probabilities find that people tend to over-estimate the precision of their knowledge. In this paper we develop a semi-rational model and apply it to the real estate markets in Hong Kong and other Asian countries. The key point is that a person is rational about her/his private information until her/his private information is confirmed by a clearly defined market signal. Using a pre-sale as a mechanism of updating a developer's beliefs, this paper analyzes the impact of over-confidence on overbuilding and cycles in real estate markets. Our finding indicates that a pre-sale activity will increase the magnitude of over-building and over-confidence will increase the volatility in real estate markets. Our model also has implications to the well-established literature dealing with the issue of over-capacity in many industrial sectors.

Hong Kong security law will trigger fierce backlash

2020 ◽  
Keyword(s):  
Hong Kong ◽  
National Security ◽  
Central Government ◽  
Chinese Firms ◽  
Content Type ◽  
Mainland Chinese ◽  
State Security ◽  
Political Freedoms ◽  
The Impact ◽  
Legislative Election

Subject The impact of Beijing introducing national security legislation for Hong Kong. Significance China’s central government is using a process that bypasses Hong Kong’s legislature to pass a law that criminalises ‘sedition’ in Hong Kong and allows mainland state security organs to operate there. This will reduce the scope of political freedoms and autonomy in Hong Kong. Impacts Activist and confrontational factions within the protest movement will probably gain more influence over moderate elements. A legislative election on September 6 is likely to proceed as planned; opposition candidates will probably do well. Western governments, firms and NGOs will feel pressure to lower their stakes in Hong Kong. Mainland Chinese firms will probably fill the vacuum, tying Hong Kong’s economy more closely to the mainland’s. Regional cities such as Singapore, Tokyo and Taipei will probably benefit.

Feedback trading strategies in international real estate markets

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Chrysanthi Balomenou ◽  
Vassilios Babalos ◽  
Dimitrios Vortelinos ◽  
Athanasios Koulakiotis
Keyword(s):  
Hong Kong ◽  
Real Estate ◽  
Short Term ◽  
Content Type ◽  
Real Estate Markets ◽  
The Real Estate ◽  
The Uk ◽  
The Impact ◽  
Feedback Trading

Purpose Motivated by recent evidence that securitized real estate returns exhibit higher levels of predictability than stock market returns and that feedback trading (FT) can induce returns autocorrelation and market volatility, the purpose of this study is to examine the impact of FT strategies on long-term market volatility of eight international real estate markets (UK, Germany, France, Italy, Sweden, Australia, Japan and Hong Kong). Design/methodology/approach Assuming that the return autocorrelation may vary over time and the impact of positive feedback trading (PFT) or negative feedback trading (NFT) could be a function of return volatility, the authors use a combination of a FT model and a fractionally integrated Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) model. Findings The results are mixed, revealing that both PFT and NFT strategies persist. Specifically, the authors detect PFT in the real estate markets of France, Hong Kong and Italy as opposed to the real estate markets of Australia, Germany, Japan and Sweden where NFT was present. A noteworthy exception is the UK real estate market, with important and rational FT strategies to sustain. With respect to the long-term volatility persistence, this seems to capture the mean reversion of real estate returns in the UK and Hong Kong markets. In general, the results are not consistent with those reported in previous studies because NFT dominates PFT in the majority of real estate markets under consideration. Originality/value The main contribution of this study is the investigation of the link between short-term PFT or NFT and long-term volatility in eight international real estate markets, symmetrically. Particular attention has been given to the link between short-term FT and long-term volatility, by means of a fractionally integrated GARCH approach, a symmetric one. Moreover, investigating the relationship between returns’ volatility and investors’ strategies based on FT entails significant implications because real estate assets offer a good alternative investment for many investors and speculators.

Low-Skilled Immigrants and Urban Development  in China: A Labor Market Perspective

2020 ◽  
Vol 19 (1) ◽  
pp. 114-128
Author(s):  
Chao Liang ◽  
Susu Wang
Keyword(s):  
Urban Development ◽  
Labor Markets ◽  
Instrumental Variable ◽  
Census Data ◽  
Reciprocal Effects ◽  
Women's Labor ◽  
Skilled Immigrants ◽  
Urban Labor Markets ◽  
The Impact ◽  
Service Markets

This study investigates the impact of low-skilled immigrants on urban labor markets in China. Using historical migration networks as an instrumental variable to overcome endogeneity problems, we find that low-skilled immigrants significantly increase local wages. Census data reveal significant occupational segregation between low-skilled immigrants and local inhabitants. Low-skilled immigrants are found to substitute for low-skilled local inhabitants but are complementary for high-skilled local inhabitants. In addition, low-skilled immigrants boost women's labor participation and wages through consumption service markets. This study's findings reveal that discrimination against low-skilled immigrants weakens the reciprocal effects among immigrants and local inhabitants and hinders urban development.

scholarly journals Do Sports Crowd Out Books? The Impact of Intercollegiate Athletic Participation on Grades

2017 ◽  
Vol 20 (1) ◽  
pp. 115-153 ◽  
Author(s):  
Michael A. Insler ◽  
Jimmy Karam
Keyword(s):  
Instrumental Variable ◽  
Causal Effect ◽  
Peer Groups ◽  
Sports Participation ◽  
Athletic Participation ◽  
Naval Academy ◽  
Intercollegiate Athletic ◽  
Using Data ◽  
Promotion Rates ◽  
The Impact

We investigate the influence of intercollegiate athletic participation on grades using data from the U.S. Naval Academy. Athletic participation is an endogenous decision with respect to educational outcomes. To identify a causal effect, we develop an instrument via the Academy’s random assignment of students into peer groups. Instrumental variable (IVs) estimates suggest that sports participation modestly reduces recruited athletes’ grades. This finding has implications beyond college, as we also show that grades—not athletic participation—are most strongly associated with postcollegiate outcomes such as military tenure and promotion rates.

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