The Experts below are selected from a list of 132117 Experts worldwide ranked by ideXlab platform
Kim Hiang Liow - One of the best experts on this subject based on the ideXlab platform.
-
The dynamics of return co-movements and volatility spillover effects in Greater China Public Property markets and international linkages
Journal of Property Investment & Finance, 2014Co-Authors: Kim Hiang LiowAbstract:Purpose - – The purpose of this paper is to examine weekly dynamic conditional correlations (DCC) and vector autoregressive (VAR)-based volatility spillover effects within the three Greater China (GC) Public Property markets, as well as across the GC Property markets, three Asian emerging markets and two developed markets of the USA and Japan over the period from January 1999 through December 2013. Design/methodology/approach - – First, the author employ the DCC methodology proposed by Engle (2002) to examine the time-varying nature in return co-movements among the Public Property markets. Second, the author appeal to the generalized VAR methodology, variance decomposition and the generalized spillover index of Diebold and Yilmaz (2012) to investigate the volatility spillover effects across the real estate markets. Finally, the spillover framework is able to combine with recent developments in time series econometrics to provide a comprehensive analysis of the dynamic volatility co-movements regionally and globally. The author also examine whether there are volatility spillover regimes, as well as explore the relationship between the volatility spillover cycles and the correlation spillover cycles. Findings - – Results indicate moderate return co-movements and volatility spillover effects within and across the GC region. Cross-market volatility spillovers are bidirectional with the highest spillovers occur during the global financial crisis (GFC) period. Comparatively, the Chinese Public Property market's volatility is more exogenous and less influenced by other markets. The volatility spillover effects are subject to regime switching with two structural breaks detected for the five sub-groups of markets examined. There is evidence of significant dependence between the volatility spillover cycles across stock and Public real estate, due to the presence of unobserved common shocks. Research limitations/implications - – Because international investors incorporate into their portfolio allocation not only the long-term price relationship but also the short-term market volatility interaction and return correlation structure, the results of this study can shed more light on the extent to which investors can benefit from regional and international diversification in the long run and short-term within and across the GC securitized Property sector, with Asian emerging market and global developed markets of Japan and USA. Although it is beyond the scope of this paper, it would be interesting to examine how the two co-movement measures (volatility spillovers and correlation spillovers) can be combined in optimal covariance forecasting in global investing that includes stock and Public real estate markets. Originality/value - – This is one of very few papers that comprehensively analyze the dynamic return correlations and conditional volatility spillover effects among the three GC Public Property markets, as well as with their selected emerging and developed partners over the last decade and during the GFC period, which is the main contribution of the study. The specific contribution is to characterize and measure cross-Public real estate market volatility transmission in asset pricing through estimates of several conditional “volatility spillover” indices. In this case, a volatility spillover index is defined as share of total return variability in one Public real estate market attributable to volatility surprises in another Public real estate market.
-
Switching volatility and cross-market linkages in Public Property markets
Journal of Property Research, 2014Co-Authors: Kim Hiang LiowAbstract:The primary contribution of this study is to examine the changes in cross-market relationship in international Public Property markets from a volatility regime switching perspective from January 1990 to January 2012. We find that global developed Public Property markets can be adequately characterised by a SWARCH model. In particular, most of the persistence in real estate stock price volatility can be attributed to the persistence of low-, medium- and high-volatility regimes in international developed Public Property markets. Moreover, there is a significant volatility increase during the crises periods for all markets examined. However, the identified high-volatility regime appears short-lived. Based on the SWARCH results, we find that the dynamic linkages among the markets are positively dependent on volatility regime. Specifically, the market correlations, foreign market influence, aggregate variance spillover index and variance-covariance matrix have intensified as market volatility increases during this period. Moreover, the evolution of the cross-market linkages among the sample Public Property markets is influenced significantly by both a time trend and a volatility regime factor that are independent of the influences of the global stock market and national stock markets. Our results imply that risk-reduction via international diversification in Public Property markets may only hold true in low-volatility periods. Consequently, portfolio managers need to understand and implement volatility state-dependent optimal asset allocation in order to better advise their clients.
-
Risk-return convergence in international Public Property markets
Journal of Property Research, 2014Co-Authors: Kim Hiang LiowAbstract:The main contribution of this study is to assess the risk-return convergence, as well as its relationship with the realised correlation, relative to the global Public real estate, of 12 international developed Public Property markets during 1990-2011. Based on the Euclidean distance method we find that average risk-return distance of the sample markets thus computed has increased over time, implying a mean-variance divergence, albeit statistically insignificant. Most of the markets are more 'divergent', as well as being more volatile during the Asian financial crisis and Global financial crisis periods. There is some evidence that risk-return convergence is positively linked to increasing correlation with the global developed Public real estate over the full study period. Finally, exchange rate variable has relatively little effect on the variation of the three distance measures. We conclude that the risk and return characteristics of the developed Public Property markets have not become less different from each other over time, implying that the idiosyncratic 'real estate factor' and 'country factor' of individual markets might have become more important in affecting the market integration over time. This analysis and evidence contributes to our understanding of the dynamics of international developed Public Property market integration in global investing.
-
Cyclical impact of business cycle co- movements on Public Property market correlations: an empirical exploration
2013Co-Authors: Kim Hiang LiowAbstract:Globalization and the emergence of China in the world economy have been two major events in the international economic literature over the last two decades. The key research question addressed in this paper is whether and to what extent the co-movement of business-cycle fluctuations affects Public Property market correlations and integration within the three GC economies and with their five regional and global partners over the period 1995 Q1 to 2012Q3. Since Public Property market is a component part of domestic stock market, we control for the influence of stock market cycle correlations. In order to capture dynamic comovement, our main methodology appeals to an alternative measure of business cycle synchronization – dynamic correlation proposed by Croux et al. (2001). We find the cyclical co-movement and interdependence dynamics between Public Property market correlations, business-cycle correlations and stock market correlations have been quite different at three time horizons (long-run frequencies, traditional business-cycle frequencies and short-run frequencies) although the pro-cyclical links between the respective correlation-types are generally statistically significant at the aggregate frequency level. We also found evidence that the detected pro-cyclical co-movement dynamics are different within and across the GC regions. Finally, our results using the GC dataset should be regarded as indicative and implies that the cyclical variations in quarterly Public Property market cycle correlations could be highly dependent on the business-cycle co-movement dynamics at different time horizons and corresponding stock market cycle correlations, and is hence more complex than what is normally expected.
Steven P. French - One of the best experts on this subject based on the ideXlab platform.
-
Damage to urban infrastructure and other Public Property from the 1989 Loma Prieta (California) earthquake.
Disasters, 1995Co-Authors: Steven P. FrenchAbstract:This research project investigated the damage to Public Property caused by the 1989 Loma Prieta earthquake. The claims filed by state and local governments, special districts and non-profit organizations under the Federal Emergency Management Agency's (FEMA) disaster assistance program were analyzed to understand better the pattern of damage caused by the earthquake. These claims accounted for nearly $600 million. The damage distribution was very skewed with eleven agencies claiming more than 70 per cent of this total. Non-profit agencies accounted for a surprisingly large portion of overall damage. Heavy damage was concentrated in relatively few areas. The extent of damage in an area was a function of concentration of Property, site conditions, characteristics of building stock, and distance from the epicenter.
-
Public Property Damage and Emergency Response Costs: Comparing the Loma Prieta and Whittier Narrows Earthquakes
Earthquake Spectra, 1993Co-Authors: Steven P. FrenchAbstract:Abstract This research project investigated the damage to Public Property caused by the 1989 Loma Prieta earthquake. The claims filed by state and local governments, special districts and non‐profit organizations under FEMA's disaster assistance program were analyzed to better understand the pattern of damage caused by the earthquake. These claims accounted for nearly $600 million. Emergency response costs (debris removal, emergency services and safety services) accounted for more than 40 percent of total claims. Public buildings comprised another 40 percent, while all types of infrastructure systems accounted for only about 13 percent of the total. While the proportion of damages attributable to Public buildings was similar to that experienced in the smaller Whittier Narrows earthquake, the proportion attributable to emergency response activities was much larger for the Loma Prieta event. This research suggests that emergency response costs are proportionately larger for more severe earthquakes, especial...
-
Damage to Public Property in the Whittier Narrows Earthquake: Implications for Earthquake Insurance
Earthquake Spectra, 1990Co-Authors: Steven P. French, Gary G. RudholmAbstract:Abstract The Whittier Narrows earthquake of October 1, 1987 caused significant damage in the Los Angeles urban area. This event provided an opportunity to observe the type and amount of damage sustained by Public Property and to investigate the funding mechanisms used to repair the damaged facilities. Repair of earthquake damage to Public Property, which includes Public buildings and infrastructure lifelines, is largely funded by state and federal disaster relief payments. Records of the Federal Emergency Management Agency and California Office of Emergency Services were analyzed to determine the value of damage to different classes of infrastructure and Public Property. Nearly half of the total damage caused by this earthquake occurred to Public buildings. The fact that Public buildings comprise such a large proportion of the damage is important because these structures were eligible for private earthquake insurance. This factor should be considered in developing a national earthquake insurance program.
Liu Wei - One of the best experts on this subject based on the ideXlab platform.
-
On Private Law of Public Property Utilization Relationship
2011Co-Authors: Liu WeiAbstract:It has become an inevitable trend for the development of the private law for the publie Property utilization relationship.The maximum Public welfare is the ultimate pursuit and the value of the private law for the Public Property utilization.The theory of the privatization of Public service and the theory of relationship between the Public law and the private law in constitution provide theoretical support for the Public Property utilization.The existing problem with the private law of Public Property utilization is the conflict between the management of government Property and Public right to use Public Property and private rights.To realize the private law for Public Property utilization relationship,we should consummate the regulations for the private laws for Property utilization,handle the relationship between the management of Public Property and private rights and the rights to use Public Property properly.
-
The Rights and the System of Public Property Utilization
Journal of Hubei University for Nationalities, 2009Co-Authors: Liu WeiAbstract:Public Property includes the Public Property for use of line of duty and Public Property for use of Public service.The real right of Public Property mainly refers to the real right of official Property and the real right of welfare Property.The right of Public Property should be utilized and dealt according to different cases,which instructs the present legislation of Public Property.The protection of Public Property utilization should confirm to the set up of the realization of Public Property and the remedy system of Public Property.
-
Legal Safeguard on the Proper Use of Public Property in China
Presentday Law Science, 2009Co-Authors: Liu WeiAbstract:In china,the Property use in Public way and in administration way both should be included in the rule of law in the view.In process of using Public Property,it existences some questions,such as Public Property settings,the direct use of Public Property and its management and so on.The main reason of these questions is lack of Public Property theory,flaws of system and bias on ideology.Based on this,it must be clear that the general requirements on proper use of Public Property,and should improve and innovate mechanisms and measures on the use of Public Property.
Natalia Devyatova - One of the best experts on this subject based on the ideXlab platform.
-
Regional Public Property Management: Evaluating the Results of the «Rights of Use» Implementation
2019Co-Authors: Alena Anufrieva, Natalia DevyatovaAbstract:Currently, there is no methodological toolkit for assessing the results of Public Property management as overall Property complex of the region. The article presents a complex approach to assessing Public Property management results which includes evaluating the results of certain proprietary right implementation, such as: the rights of use, disposition, and possession. The authors developed a system of indicators reflecting the results of the regional Public Property objects use, transferred to economic entities: Public institutions, state unitary enterprises, and the results of state-owned enterprises’ shares management.Our methodology suggests a set of indicators to measure the results of Public Property use for state unitary enterprises and Public institutions: calculated indicators, summary indicators and additional indicators, and key indicators of state-owned enterprises’ activity.This approach allows gaining complete information on changes in cost of Public Property, quality of the Property used to provide Public services, on profile and targeted use of Property, income from the Property use, its maintenance expenditure, sources of its growth and renewal are considered. The article is devoted to the analysis of the results of Irkutsk region Public Property’s use in 2016-2017. Testing of the proposed system of indicators proved the possibility of its use as a basis for the development and implementation of information and analytical decision-making systems for Public Property management.
-
Comprehensive Approach to Evaluation of Region Public Property Managements Efficiency
2018Co-Authors: Alena Anufrieva, Natalia DevyatovaAbstract:The subject of this research is assessing efficiency of Public Property management in the Russian Federation regions. The research results of the legal frameworks and regional practice let us conclude that there is no common approach to assessing the effectiveness of state Property management in the regions. The article presents a compre hensive approach to assessing the effectiveness of region state Property management, which can be used as the basis for the formation and implementation of the Public policy in Property relations of Russian Federation regions. The specific characteristics of the authors approach are the system of indicators reflecting the results of using state Property objects through transferring rights, the results of disposing of the state treasurys objects and the results of the formation and use of the region state Propertys resource potential. Also indicators values should be linked to the current state policys priorities in the Property relations, the institutional and internal situation-conditions of the region.The main provisions of the Irkutsk region draft law on the formation of requirements for the structure and content of the report of the Government of the Irkutsk region on the disposal of the regional state Property based on the authors approach to the evaluation of the results of regional Property management are presented. The article presents the main provisions of the Irkutsk region draft law on the formation of requirements for the structure and content of the report of the Government of the Irkutsk region on the disposal of regional state Property based on the authors approach to assessing the effectiveness of region Property management.
Alena Anufrieva - One of the best experts on this subject based on the ideXlab platform.
-
Regional Public Property Management: Evaluating the Results of the «Rights of Use» Implementation
2019Co-Authors: Alena Anufrieva, Natalia DevyatovaAbstract:Currently, there is no methodological toolkit for assessing the results of Public Property management as overall Property complex of the region. The article presents a complex approach to assessing Public Property management results which includes evaluating the results of certain proprietary right implementation, such as: the rights of use, disposition, and possession. The authors developed a system of indicators reflecting the results of the regional Public Property objects use, transferred to economic entities: Public institutions, state unitary enterprises, and the results of state-owned enterprises’ shares management.Our methodology suggests a set of indicators to measure the results of Public Property use for state unitary enterprises and Public institutions: calculated indicators, summary indicators and additional indicators, and key indicators of state-owned enterprises’ activity.This approach allows gaining complete information on changes in cost of Public Property, quality of the Property used to provide Public services, on profile and targeted use of Property, income from the Property use, its maintenance expenditure, sources of its growth and renewal are considered. The article is devoted to the analysis of the results of Irkutsk region Public Property’s use in 2016-2017. Testing of the proposed system of indicators proved the possibility of its use as a basis for the development and implementation of information and analytical decision-making systems for Public Property management.
-
Comprehensive Approach to Evaluation of Region Public Property Managements Efficiency
2018Co-Authors: Alena Anufrieva, Natalia DevyatovaAbstract:The subject of this research is assessing efficiency of Public Property management in the Russian Federation regions. The research results of the legal frameworks and regional practice let us conclude that there is no common approach to assessing the effectiveness of state Property management in the regions. The article presents a compre hensive approach to assessing the effectiveness of region state Property management, which can be used as the basis for the formation and implementation of the Public policy in Property relations of Russian Federation regions. The specific characteristics of the authors approach are the system of indicators reflecting the results of using state Property objects through transferring rights, the results of disposing of the state treasurys objects and the results of the formation and use of the region state Propertys resource potential. Also indicators values should be linked to the current state policys priorities in the Property relations, the institutional and internal situation-conditions of the region.The main provisions of the Irkutsk region draft law on the formation of requirements for the structure and content of the report of the Government of the Irkutsk region on the disposal of the regional state Property based on the authors approach to the evaluation of the results of regional Property management are presented. The article presents the main provisions of the Irkutsk region draft law on the formation of requirements for the structure and content of the report of the Government of the Irkutsk region on the disposal of regional state Property based on the authors approach to assessing the effectiveness of region Property management.
