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Land value determination in an emerging market: Empirical evidence from China
Purpose
â 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 â 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 â are the same variables important in land pricing in China and are there other unique local variables.
Design/methodology/approach
â 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
â 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
â 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 âChinese characteristics.â 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.
This is the author's accepted manuscript. The final version has been published by Emerald Publishing Group in International Journal of Managerial Finance here: http://www.emeraldinsight.com/doi/abs/10.1108/IJMF-03-2012-0033
Descent directions of quasi-Newton methods for symmetric nonlinear equations
2002-2003 > Academic research: refereed > Publication in refereed journalVersion of RecordPublishe
Genome-wide analysis of the nucleotide binding site leucine-rich repeat genes of four orchids revealed extremely low numbers of disease resistance genes
Orchids are one of the most diverse flowering plant families, yet possibly maintain the smallest number of the nucleotide-binding site-leucine-rich repeat (NBS-LRR) type plant resistance (R) genes among the angiosperms. In this study, a genome-wide search in four orchid taxa identified 186 NBS-LRR genes. Furthermore, 214 NBS-LRR genes were identified from seven orchid transcriptomes. A phylogenetic analysis recovered 30 ancestral lineages (29 CNL and one RNL), far fewer than other angiosperm families. From the genetics aspect, the relatively low number of ancestral R genes is unlikely to explain the low number of R genes in orchids alone, as historical gene loss and scarce gene duplication has continuously occurred, which also contributes to the low number of R genes. Due to recent sharp expansions, Phalaenopsis equestris and Dendrobium catenatum having 52 and 115 genes, respectively, and exhibited an "early shrinking to recent expanding" evolutionary pattern, while Gastrodia elata and Apostasia shenzhenica both exhibit a "consistently shrinking" evolutionary pattern and have retained only five and 14 NBS-LRR genes, respectively. RNL genes remain in extremely low numbers with only one or two copies per genome. Notably, all of the orchid RNL genes belong to the ADR1 lineage. A separate lineage, NRG1, was entirely absent and was likely lost in the common ancestor of all monocots. All of the TNL genes were absent as well, coincident with the RNL NRG1 lineage, which supports the previously proposed notion that a potential functional association between the TNL and RNL NRG1 genes
QGP flow fluctuations and the characteristics of higher moments
The dynamical development of expanding Quark-gluon Plasma (QGP) flow is
studied in a 3+1D fluid dynamical model with a globally symmetric, initial
condition. We minimize fluctuations arising from complex dynamical processes at
finite impact parameters and from fluctuating random initial conditions to have
a conservative fluid dynamical background estimate for the statistical
distributions of the thermodynamical parameters. We also avoid a phase
transition in the equation of state, and we let the matter supercool during the
expansion.
Then central Pb+Pb collisions at TeV are studied in an
almost perfect fluid dynamical model, with azimuthally symmetric initial state
generated in a dynamical flux-tube model. The general development of
thermodynamical extensives are also shown for lower energies.
We observe considerable deviations from a thermal equilibrium source as a
consequence of the fluid dynamical expansion arising from a least fluctuating
initial state
A photometric monitoring of bright high-amplitude delta Scuti stars. II. Period updates for seven stars
We present new photometric data for seven high-amplitude delta Scuti stars.
The observations were acquired between 1996 and 2002, mostly in the Johnson
photometric system. For one star (GW UMa), our observations are the first since
the discovery of its pulsational nature from the Hipparcos data.The primary
goal of this project was to update our knowledge on the period variations of
the target stars. For this, we have collected all available photometric
observations from the literature and constructed decades-long O-C diagrams of
the stars. This traditional method is useful because of the single-periodic
nature of the light variations. Text-book examples of slow period evolution (XX
Cyg, DY Her, DY Peg) and cyclic period changes due to light-time effect (LITE)
in a binary system (SZ Lyn) are updated with the new observations. For YZ Boo,
we find a period decrease instead of increase. The previously suggested
LITE-solution of BE Lyn (Kiss & Szatmary 1995) is not supported with the new
O-C diagram. Instead of that, we suspect the presence of transient light curve
shape variations mimicking small period changes.Comment: 11 pages, 15 figures, accepted for publication in A&
SiC Nanorods Grown on Electrospun Nanofibers Using Tb as Catalyst: Fabrication, Characterization, and Photoluminescence Properties
Well-crystallizedÎČ-SiC nanorods grown on electrospun nanofibers were synthesized by carbothermal reduction of Tb doped SiO2(SiO2:Tb) nanofibers at 1,250 °C. The as-synthesized SiC nanorods were 100â300 nm in diameter and 2â3 ÎŒm in length. Scanning electron microscopy (SEM) results suggested that the growth of the SiC nanorods should be governed by vapor-liquid-solid (VLS) mechanism with Tb metal as catalyst. Tb(NO3)3particles on the surface of the electrospun nanofibers were decomposed at 500 °C and later reduced to the formation of Tb nanoclusters at 1,200 °C, and finally the formation of a SiâCâTb ally droplet will stimulate the VLS growth at 1,250 °C. Microstructure of the nanorod was further investigated by transmission electron microscopy (TEM). It was found that SiC <111> is the preferred initial growth direction. The liquid droplet was identified to be Si86Tb14, which acted as effective catalyst. Strong green emissions were observed from the SiC nanorod samples. Four characteristic photoluminescence (PL) peaks of Tb ions were also identified
The reliability and validity of the Chinese version of Abbreviated PAD Emotion Scales
The study aimed at testing the reliabilityand validity of the Chinese version of Abbreviated PAD Emotion Scales using a Chinese sample. 297 Chinese undergraduate students were tested with the Chinese version of Abbreviated PAD Emotion Scales; 98 of them were retested with the same scales after seven days in order to assess thetest-retest reliability; and 102 of them were tested with SCL-90 at the same time which was intended as criteria for validity to assess the criterion validity. The results showedthat the Chinese version of Abbreviated PAD Emotion Scales displayed satisfying reliability and validity on P (pleasure-displeasure), only moderate reliability and validityon D (dominance-submissiveness), but quite low reliability and validity on A(arousal-nonarousal)The study aimed at testing the reliability and validity of the Chinese version of Abbreviated PAD Emotion Scales using a Chinese sample. 297 Chinese undergraduate students were tested with the Chinese version of Abbreviated PAD Emotion Scales; 98 of them were retested with the same scales after seven days in order to assess the test-retest reliability; and 102 of them were tested with SCL-90 at the same time which was intended as criteria for validity to assess the criterion validity. The results showed that the Chinese version of Abbreviated PAD Emotion Scales displayed satisfying reliability and validity on P (pleasure-displeasure), only moderate reliability and validity on D (dominance-submissiveness), but quite low reliability and validity on A (arousal-nonarousal)
MicroRNA 10a Marks Regulatory T Cells
MicroRNAs (miRNAs) are crucial for regulatory T cell (Treg) stability and function. We report that microRNA-10a (miR-10a) is expressed in Tregs but not in other T cells including individual thymocyte subsets. Expression profiling in inbred mouse strains demonstrated that non-obese diabetic (NOD) mice with a genetic susceptibility for autoimmune diabetes have lower Treg-specific miR-10a expression than C57BL/6J autoimmune resistant mice. Inhibition of miR-10a expression in vitro leads to reduced FoxP3 expression levels and miR-10a expression is lower in unstable âexFoxP3â T cells. Unstable in vitro TGF-Ă-induced, iTregs do not express miR-10a unless cultured in the presence of retinoic acid (RA) which has been associated with increased stability of iTreg, suggesting that miR-10a might play a role in stabilizing Treg. However, genetic ablation of miR-10a neither affected the number and phenotype of natural Treg nor the capacity of conventional T cells to induce FoxP3 in response to TGFÎČ, RA, or a combination of the two. Thus, miR-10a is selectively expressed in Treg but inhibition by antagomiRs or genetic ablation resulted in discordant effects on FoxP3
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