Advisor Choice in Asia-Pacific Property Markets

This paper examines advisor choice decisions by publicly traded REITs and listed property companies in Asia-Pacific real estate markets. Using a sample of 168 firms, we find robust evidence that firms strategically evaluate and compare the increased agency costs associated with external advisement against the potential benefits associated with collocating decision rights with location specific soft information. Our empirical results reveal real estate companies tend to hire external advisors when they invest in countries: 1) that are more economically and politically unstable, 2) whose legal system is based on civil law, 3) where the level of corruption is perceived to be high, and 4) when disclosure is relatively poor. Additionally, we find the probability of retaining an external advisor is directly related to the expected agency costs. Lastly, we find evidence of return premiums in excess of 13 % for firms whose organizational structure matches their investment profile. As such, we conclude that the decision to hire an external advisor represents a value relevant trade-off between the costs and benefits of this organizational arrangement

Investigation into the effect of uncertainty of CPT-based soil type estimation on the accuracy of CPT-based pile bearing capacity analysis

Cone Penetration Test (CPT or CPTu) is commonly used for estimating soil types and also for the geotechnical design of pile foundation. However, the level of agreement between the CPT-based soil types and the traditional identification of soil types based on samples may vary significantly; and it is not clearly understood if this variation has any sort of relationship with the CPT-based pile design. To investigate into this area, a ground investigation trial was carried out at six different locations as part of a highway scheme in East of England. At each location the trial comprised one CPTu adjacent to one borehole (BH) with conventional sampling and laboratory testing. The soil types were estimated from the CPTs and compared with the boreholes findings, and the levels of correlation between them were established. Similarly, the ultimate bearing capacity of a typical bored pile based on the CPTs and on the BHs were calculated and compared. Despite the variable level of disagreement of the CPT-based soil type estimation with the BHs findings, the pile capacity based on CPT data was found to be generally consistent with the values obtained from the traditional BHs-based pile design

Competition, restructuring and firm performance: evidence of an inverted-U relationship from a cross-country survey of firms in transition economies

This paper examines the importance of competition in the growth anddevelopment of firms. We draw on a survey of 3,300 firms in 25transition countries to shed light on the factors that influencerestructuring by firms and their subsequent performance. These datahave three main advantages over those used in previous work. First,they measure directly the degree of competition perceived by each firmin its principal market rather than attempting to infer this from marketdata as measured by statistical agencies. Second, the fact that transitioncountries have market structures inherited from the past avoids some ofthe endogeneity problems associated with measures of competition inmarket economies. Third, the breadth of cross-country variationprovides a method of dealing with the fact that firm-level measures ofthe external environment will not be independent of the firm?s ownperformance. We find evidence of a robust inverted-U effect ofcompetition on performance that is both statistically and economicallysignificant. This paper examines the importance of competition in the growth anddevelopment of firms. We draw on a survey of 3,300 firms in 25transition countries to shed light on the factors that influencerestructuring by firms and their subsequent performance. These datahave three main advantages over those used in previous work. First,they measure directly the degree of competition perceived by each firmin its principal market rather than attempting to infer this from marketdata as measured by statistical agencies. Second, the fact that transitioncountries have market structures inherited from the past avoids some ofthe endogeneity problems associated with measures of competition inmarket economies. Third, the breadth of cross-country variationprovides a method of dealing with the fact that firm-level measures ofthe external environment will not be independent of the firm?s ownperformance. We find evidence of a robust inverted-U effect ofcompetition on performance that is both statistically and economicallysignificant

POLICY REGIME CHANGE AND CORPORATE CREDIT IN BULGARIA: ASYMMETRIC SUPPLY AND DEMAND RESPONSES

The paper seeks to assess how a major policy regime change – such as the introduction of the currency board in Bulgaria – affects the flow of bank credit to the corporate sector. An attempt is made to identify the determinants of corporate credit separately from the viewpoint of lenders and borrowers. The estimated credit supply and credit demand equations provide empirical evidence of important changes in microeconomic behavioral patterns which can be associated with the policy regime change. The results also suggest a considerable asymmetry in the response of credit supply and credit demand to the policy shock: while the supply shifts were quite pronounced, the patterns of firms’ credit demand remained fairly stable. The policy implications of the detected asymmetry in microeconomic adjustment are also discussed in the paper.http://deepblue.lib.umich.edu/bitstream/2027.42/39993/3/wp607.pd

Distances and Small Business Credit Constraints: the French case.

Deregulation and progress in information and communication technologies have increased the geographical expansion of banking structures and instruments. This makes banks operationally close to the borrowers. At the same time, banking industry consolidation have induced a geographical concentration of banking decision centers and strategic functions, leading to an increase of the functional distance that separates the decision center of a bank from its operational branches. The aim of this paper is to evaluate the impact of these two trends on SME lending. Our findings on French data show that increased functional distance and operational proximity are positively associated with the investment-cash flow sensitivity, considered as a measure of financing constraints. These adverse effects are particularly acute for small firms.Operational proximity; Investment-cash flow sensitivity; Financing constraints; SME lending; Functional distance;

Competition and Enterprise Performance in Transition Economies: Evidence from a Cross-country Survey

This paper uses a survey of 3,300 firms in 25 transition countries to shed light on the factors that influence restructuring by firms and their subsequent performance as measured by growth in sales and in sales per employee over a three-year period. We begin by surveying what a decade of transition has taught us about the factors that determine how firms respond to the new market environment. We go on to analyse the impact on performance of ownership, soft budget constraints, the general business environment and a range of measures of the intensity of competition as perceived by a firm. We find that competition has an important and non-monotonic effect on the growth of sales and of labour productivity: some degree of perceived market power is associated with higher sales growth, but competitive pressure is also important. Similar competition effects are found upon firms' decisions to develop and improve their products, but market power has an unambiguously negative impact on purely defensive (cost-reducing) restructuring activity. New firms have grown relatively fast, but among old firms ownership per se has no significant relationship to performance (though state-owned firms have engaged in significantly less development of new products). Soft budget constraints have a broadly negative and the business environment a broadly positive impact on restructuring and performance.http://deepblue.lib.umich.edu/bitstream/2027.42/39760/3/wp376.pd

Space-centred information management approach to improve CAD-based healthcare building design

This study focuses on developing a space-centred CAD tool to enable designers to effectively manage and implement the information of design guidance information and user requirements during design processes, especially for the stages of design briefing and conceptual design. It aims to structure and store design guidance and user requirements for healthcare building design into a relational database, and link them to relevant space entities in design plans. The tool is developed on the platform of Autodesk Architecture Desktop (ADT). It also enables users to store and retrieve pictures associated with textual information, because pictures have been always used by designers as an effective medium to represent and deliver design information and knowledge. This can give users directly visual and more understandable perceptions of the design guidance. The tool is fully embedded with Autodesk AutoCAD systems to ensure the application of this tool being fully merged with CAD-based design process. A set of design guidance about Alzheimer clinic built environments are adopted as a sample to demonstrate and validate the tool. Moreover, the scenario of expanding this application to more broad areas has also been foreseen

A ROSAT PSPC X-Ray Survey of the Small Magellanic Cloud

We present the results of a systematic search for point-like and moderately extended soft (0.1-2.4 keV) X-ray sources in a raster of nine pointings covering a field of 8.95 deg^2 and performed with the ROSAT PSPC between October 1991 and October 1993 in the direction of the Small Magellanic Cloud. We detect 248 objects which we include in the first version of our SMC catalogue of soft X-ray sources. We set up seven source classes defined by selections in the count rate, hardness ratio and source extent. We find five high luminosity super-soft sources (1E 0035.4-7230, 1E 0056.8-7146, RX J0048.4-7332, RX J0058.6-7146 and RX J0103-7254), one low-luminosity super-soft source RX J0059.6-7138 correlating with the planetary nebula L357, 51 candidate hard X-ray binaries including eight bright hard X-ray binary candidates, 19 supernova remnants, 19 candidate foreground stars and 53 candidate background active galactic nuclei (and quasars). We give a likely classification for ~60% of the catalogued sources. The total count rate of the detected point-like and moderately extended sources in our catalogue is 6.9+/-0.3 s^-1, comparable to the background subtracted total rate from the integrated field of ~6.1+/-0.1 s^-1.Comment: Accepted by A&AS, 13 pages, 2 Postscript figure