University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration

published_or_final_version / Housing Management / Master / Master of Housing Management

Made available in DSpace on 2014-12-17T13:56:52Z (GMT). No. of bitstreams: 1 MarianaFB.pdf: 2544227 bytes, checksum: 4cce3a28f179a98110bbf0f2fcdab478 (MD5) Previous issue date: 2007-08-27 / Conselho Nacional de Desenvolvimento Cient?fico e Tecnol?gico / Brazilian Housing policy has always promoted homeownership. In 1999, a new form of housing promotion was set up in the country with the PAR (Programa de Arrendamento Residencial, or residential rental programme). This is a sort of leasing, in which a right to buy is granted at the end of contract. Again, with this, the final objective is homeownership. This dissertation aims at further understanding the role of PAR in the wake of the country s housing policies of the post-BNH period, analysing the case of Jo?o Pessoa, capital city of Para?ba state. By focusing in the city, it has been possible to analyse also the impact of the programme in the dynamics of the city s urban development. Accordingly, the analysis of PAR seeks to understand the programme s operational aspects as well as its location, urban and architectural aspects. The operational aspects refer to how the programme is operated, considering the differences to the other housing programmes in the country. The urban and architectural aspects refer to location, typology and construction characteristics of housing estates produced under the scheme. This study gives a general view of the country s recent housing policy and programmes and the specific characteristics of PAR, observing also its impacts in the city development / A pol?tica habitacional brasileira caracteriza-se pela dissemina??o da ideologia da casa pr?pria. Em 1999, foi criada uma forma diferente de acesso ? moradia no pa?s, atrav?s do Programa de Arrendamento Residencial (PAR), que ? um arrendamento mercantil, ou leasing; no entanto, o novo programa continuou difundindo a ideologia da casa pr?pria, j? que, no final do contrato, ? dada ao arrendat?rio a op??o de compra. Este trabalho visa a compreender o papel do PAR no cen?rio das pol?ticas habitacionais, no per?odo p?s-BNH, por interm?dio de um estudo de caso na cidade de Jo?o Pessoa-PB. A partir da delimita??o da ?rea, foi poss?vel tamb?m estudar o programa em rela??o ? din?mica do crescimento urbano. Al?m disso, a an?lise do PAR foi dividida em duas vertentes anal?ticas: a primeira trata dos aspectos operacionais do programa; a outra ? voltada para os aspectos locacionais e arquitet?nicos das habita??es. Os aspectos operacionais se referem ? forma de funcionamento, considerando-se os elementos do PAR que o diferenciam dos demais programas de habita??o do pa?s. Os aspectos locacionais e arquitet?nicos se referem, respectivamente, ? localiza??o dos conjuntos no espa?o urbano e aos aspectos tipol?gicos e construtivos das moradias financiadas. Assim, torna-se poss?vel tra?ar o panorama da produ??o de conjuntos habitacionais e as caracter?sticas da produ??o promovida pelo PAR, observando-se suas especificidades e seus impactos na cidade

This dissertation presents three essays in financial economics. In the first chapter, Bankruptcy Lawyers and Credit Recovery, I study how bankruptcy law firm advertisements affect credit recovery of households in financial distress. Exploiting the border discontinuity strategy associated with the geographic unit in which local TV advertisements are sold, I empirically uncover bankruptcy filings and credit recovery related to exogenous variations in bankruptcy law firm advertisements. I first document a significant advertising effect on filing rates and show that advertising-induced filers are similar to existing filers. I then find a positive effect of advertisements on credit outcomes including credit score, new homeownership, and foreclosure. I interpret these findings as evidence that lawyers address information frictions in households' assessment of the bankruptcy option. In the second chapter, Cross-subsidization of Bad Credit in a Lending Crisis, we study the corporate-loan pricing decisions of a major, systemic bank during the Greek financial crisis. A unique aspect of our dataset is that we observe both the actual interest rate and the ``breakeven rate'' (BE rate) of each loan, as computed by the bank's own loan-pricing department (in effect, the loan's marginal cost). We document that low-BE-rate (safer) borrowers are charged significant markups, whereas high-BE-rate (riskier) borrowers are charged smaller and even negative markups. We rationalize this de facto cross-subsidization through the lens of a dynamic model featuring depressed collateral values, impaired capital-market access, and limit pricing. In the third chapter, Who Provides Credit in Times of Crisis? Evidence from the Auto Loan Market, we explore lending from traditional banks, credit unions, and finance companies (nonbanks) in the auto loan market over the past two decades with emphasis on the Great Recession and the COVID-19 pandemic. We find that banks provided weak support during the pandemic, thus losing market share and continuing a trend that emerged following the Great Recession. Nonbank market share during this period grew most significantly for subprime borrowers and in counties with stronger bank dependence. We present evidence consistent with a supply-side interpretation of this bank market share loss. These findings contrast with the experience during the Great Recession, when banks contributed the most resilient credit to the auto loan market. Our paper highlights nonbanks’ critical role in the auto loan market in times of crisis, particularly for the subprime segment.

Thesis (LLD)--Stellenbosch University, 2012 / ENGLISH ABSTRACT: Over the years sectional ownership satisfied the psychological need of many South Africans to acquire home-ownership and it is currently estimated that there are more than 780 000 sectional title units throughout South Africa. The concept of sectional ownership consists of three elements, namely individual ownership of a section (residential or commercial); joint ownership of the common parts of the sectional title scheme and membership of the body corporate which governs the sectional title community. Sectional ownership is therefore a unique statutory institution with its own characteristics. An imperative of every sectional title scheme is to strive for financial stability, happiness and harmony in an intensified, diverse community where the objects of ownership, the individual units, are physically interdependent. The Sectional Titles Act 95 of 1986, as amended, therefore imposes numerous financial and social obligations on sectional owners. These obligations require each owner to give up a certain degree of freedom that he might otherwise enjoy in separate, privately owned property. Ultimately the success of a sectional title scheme will depend upon the necessary co-operation and support of its members for compliance with these obligations. Since non-compliance can destroy the financial stability and social harmony in a sectional title scheme, effective procedures for the enforcement of these financial and social obligations are essential. Accordingly, effective sanctions are a sine qua non for a financially viable and socially successful sectional title scheme. This thesis provides a critical analysis of the various financial and social obligations that are imposed on sectional owners, as well as the measures available for their enforcement. It will become evident that the sanctions in the South African sectional title legislation for non-compliance with these obligations are conspicuously few and far between. It is generally accepted that the Sectional Titles Act 95 of 1986 does not have sharp enough „teeth‟ to deal effectively with the non-compliance of these obligations. Consequently, the thesis will also focus on sanctions that are used in foreign jurisdictions to enforce sectional owners‟ financial and social obligations, with the aim to identify sanctions that may be adopted in the South African context to render the enforcement of these obligations more efficient and effective. In conclusion it will be recommended that the only manner in which financial stability and social harmony can be restored in a troubled sectional title scheme is to introduce legislation which allows the body corporate as a last resort to exclude a persistent offender who makes it impossible for the other sectional owners to share the sectional owners‟ community with him or her temporarily from this community. / AFRIKAANSE OPSOMMING: Met die verloop van tyd sedert die eerste deeltitelwetgewing in 1971 in Suid Afrika ingevoer is, het deeleiendom die droom van menige Suid-Afrikaners verwesenlik om eiendomsreg van „n eie woning te verkry. Huidige statistieke dui daarop dat daar meer as 780 000 deeltiteleenhede in Suid Afrika is. Drie elemente word in die begrip „deeleiendom‟ saamgevat, naamlik individuele eiendomsreg van „n deel (residensiëel of kommersiëel), mede-eindomsreg van die gemeenskaplike gedeeltes van „n skema en lidmaatskap van „n regspersoon. Deeleiendom is dus „n unieke statutêre instelling met sy eie ongewone karaktertrekke. Die belangrikste doelwit van elke deeltitelskema is om finansiële stabiliteit, geluk en harmonie in „n geϊntensifeerde, diverse gemeenskap waar individuele eiendomseenhede, fisies interafhanklik is, te bewerkstellig. Die Wet op Deeltitels 95 van 1986, soos gewysig, onderwerp deeleienaars daarom aan verskeie finansiële en sosiale verpligtinge wat meebring dat elke deeleienaar „n sekere mate van vryheid moet prys gee wat hy andersins sou geniet het as hy eienaar was van „n huis op „n private erf. Die uiteindelike sukses van „n deeltitelskema is grotendeels afhanklik van die samewerking en ondersteuning van sy lede wat betref die nakoming van hierdie verpligtinge. Omdat nie-nakoming die finansiële stabiliteit en sosiale harmonie kan versteur word doeltreffende maatreëls vereis vir die afdwinging van hierdie finansiële en sosiale verpligtinge. „n Deeltitelskema kan slegs met sukses bestuur word indien op doeltreffende sanksies gesteun kan word. Hierdie tesis fokus op „n kritiese analise van die verskeie finansiële en sosiale verpligtinge waaraan deeleienaars onderhewig is, en die maatreëls wat aangewend kan word om hierdie verpligtinge af te dwing. Daar sal aangetoon word dat die sanksies in die Suid-Afrikaanse deeltitelwetgewing vir die nie-nakoming van hierdie verpligtinge gans te min, en boonop uiters ondoeltreffend is. Daarom word algemeen aanvaar dat die „tande‟ van die Wet op Deeltitels 95 van 1986 nie skerp genoeg is om die nie-nakoming van hierdie verpligtinge doeltreffend te straf nie. Gevolglik sal die tesis ook fokus op sanksies wat in buitelandse regstelsels aangewend word om die finansiële en sosiale verpligtinge van deeleienaars af te dwing. Die oogmerk hiermee is om buitelandse sanksies te identifiseer wat met vrug in die Suid-Afrikaanse konteks aangewend kan word ten einde die nie-nakoming van hierdie verpligtinge doeltreffend hok te slaan. Ter afsluiting sal voorgestel word dat finansiële stabiliteit en sosiale harmonie in „n erg ontwrigte deeltitelskema slegs herstel kan word indien wetgewing aangeneem word wat die regspersoon toelaat om „n deeleienaar wat ondanks waarskuwings dit vir mede-deeleienaars onmoontlik maak om saam met hom of haar in dieselfde deeleiendomsgemeenskap te leef tydelik van die skema te verwyder.

This thesis explores the impact of two behavioural finance concepts, social psychology and psychology, on household financial decisions. Under social psychology, I investigate whether the variety and intensity of social engagement enhances stock market participation. With regard to psychology, I examine two behavioural biases. First, I investigate whether mental accounting influences portfolio choice in three asset classes and whether financial advice and housing tenure increase (decrease) the effects of mental accounts on portfolio choice. Second, I examine whether households’ self-reported housing wealth are anchored on published house price indices and whether anchoring bias is mediated by market information, mortgage refinancing decisions and social factors. The main contributions and findings in the three studies are as follows. First, although there is an elaborate body of research concerning the relationship between social engagement mechanisms and portfolio choice, most studies investigate specific mechanisms in isolation. Using three waves in the British Household Panel Survey (BHPS), I bring together five social engagement measures in one model and show that socially engaged individuals are more likely to participate in the stock market. Consistent with Granovetter’s (1973) theory of social networks I find that a weak tie (measured by social group involvement) has a positive effect on stock market participation whereas a strong tie (measured by talking to neighbours) has no effect. More trusting individuals are more likely to participate in the stock market, as are those who identify with a political party. In contrast, the degree to which religion is important appears to have little impact. These results are robust using different specifications. Overall, the results of this study demonstrate that the likelihood of stock market participation increases with the variety and intensity of social engagement. Second, despite the established theoretical underpinnings of mental accounting in behavioural portfolio theory (BPT) and recent extensions, not much is known about their implications in real life situations. I use a recent UK household survey, the Wealth and Assets Survey (WAS), which has comprehensive information about financial assets to investigate whether there are differences in the ownership and portfolio share of three asset classes among individuals who exhibit no mental account, a single mental account and multiple mental accounts, and the conditional influences of financial advice, housing, cognitive ability, time preference and risk tolerance. Overall I find that mental accounting together with financial advice and housing tenure explain variations in both the probability of ownership and portfolio share in the three asset classes. Households that exhibit a single mental account have low share of investments in, and are less likely to own, a risky asset when compared to those that exhibit no mental account or exhibit multiple mental accounts. I also find that, when compared to having no mental account, exhibiting a single mental account or multiple mental accounts increases both the probability and investment share in a fairly safe asset but decreases portfolio share in safe assets. In addition, among those that exhibit a single mental or multiple mental accounts, financial advice decreases portfolio share in risky assets and fairly safe assets and increases portfolio share in safe assets. Housing tenure increases both the probability and portfolio share in risky assets, decreases portfolio share in fairly safe assets and increases portfolio share in safe assets. These results are consistent using multi-equation regressions, sub-samples, reparametrised variables and poisson regressions. Finally, as little is known about how households derive the self-reported house prices estimates that are commonly used to determine housing wealth, the third study examines whether households are anchored on published house price indices. The key conjecture is that, while assessing the values of their homes, homeowners place more weight on house price news at the expense of property characteristics and other market information. I find support for this hypothesis using sixteen waves of the BHPS, multiple methods, and both regional and national house price indices. I conclude that changes in self-reported housing wealth are anchored on changes in published house price indices. Specifically, ownership through a mortgage and greater financial expectations increase anchoring effects while mortgage refinancing decreases the effects. Moreover, use of money raised from refinancing for home investment, as opposed to other consumption purposes, has a positive association with change in self-reported house value and both uses reduce anchoring bias. In addition, I find that computer use increases anchoring bias and, among social engagement mechanisms, religiosity reduces anchoring while other measures have no effect. These results are robust to internal instrumental variables, national aggregate house prices, alternative indices and sub-samples.

Evidence on comparative quality of life and housing of Italians at origin, and emigrants in two destinations was gathered from field research, and from three surveys: one, of residents of the town of origin (n = 153), Larino, in the province of Campobasso, and the other two, of residents of major destinations of Larinesi emigrants--Montreal (n = 118), and Milano (n = 73). The main working hypothesis was tested that the best quality of life is found among emigrants living in Montreal. The research also explicated the historical connection between policies of migration and housing concerns in Canada and in Italy. / Quality of life was measured using a battery of structural, objective and subjective indicators that were calibrated for relative comparisons between the two cities of destination by the re-analysis of two large surveys (Milano n = 966; Montreal n = 461), and by the use of of official statistics. / Multivariate analysis results showed that in comparison to the town of origin, Montreal produced the best and most distinguishable socio-demographic context and Milano the best geographic context. The objective indicators based on the ratios of income to need and those based on income relative to each city, are most influential in Montreal. Subjective indicators such as attitudes and lifestyles are more consistently related to levels of education than to place of residence. / High rates of house ownership among the Larinesi in Montreal, and changes in their patterns of use of space which accompany permanent resettlement--especially those regarding the use of an extra kitchen--were found to be explainable in terms of the "housing culture" of the town of origin.

Notre examen de la reconfiguration de la propriété privée durant les régimes communistes et postcommunistes a comme point de départ une interrogation banale qui, depuis l’ouvrage canonique de Laswell, Politics. Who gets what, when, and how ?est considérée essentielle pour la compréhension des processus politiques :qui sont les principaux bénéficiaires / perdants de ces métamorphoses du régime de la propriété ?<p><p>Pour formuler une réponse à cette interrogation, nous avons structuré notre analyse en trois parties.<p><p>La première partie, "La Propriété urbaine dans la Roumanie (post)socialiste. Politique et politiques publiques", dresse un tableau général de la transformation socialiste et postsocialiste de la propriété privée en milieu urbain. Ce tableau général concerne tant le cadre normatif et institutionnel, que les acteurs socio-politiques qui essaient de s’impliquer dans l’élaboration des politiques publiques. <p><p>Les deux études de cas qui constituent la deuxième et la troisième partie de la thèse examinent la construction juridico-politique des « gagnants » et des « perdants » de ces processus de reconfiguration de la propriété :La propriété et « l’ethno-nation » dans la Roumanie (post)socialiste. Le cas de la communauté juive (2e partie), respectivement Métamorphoses (post)socialistes d’un « quartier rouge ». Propriété et élites politiques en Roumanie (3e partie). <p><p>Pour analyser la construction des « perdants », le rapport qui s’établit entre "La propriété et « l’ethno-nation » dans la Roumanie (post)socialiste. Le cas de la communauté juive" nous a semblé un observatoire privilégié. La principale raison tient à l’ingéniosité des méthodes d’expropriation imaginées par les communistes pour la spoliation économique des différentes minorités ethniques ou religieuses et à la diversité des raisons invoquées par les législateurs postcommunistes pour différer la restitution de certaines de ces propriétés. Nous présumons que dans l’histoire de la « propriété juive » nous pourrions également appréhender un processus de construction (post)socialiste d’une « communauté imaginée », homogène, ethno-nationale, d’un « rapport particulier qui existerait entre l’État, la propriété et l’identité nationales » (Verdery 1998 :298).<p><p>Après des reconfigurations radicales de la sphère économique et l’étatisation des propriétés (industrielles, immobilières, foncières), l’unique catégorie sociale qui pouvait disposer discrétionnairement de la propriété nationalisée était la nomenklatura communiste. La 3e partie de la thèse, "Métamorphoses (post)socialistes d’un « quartier rouge ». Propriété et élites politiques en Roumanie", retrace l’histoire du quartier de la nomenklatura, situé au nord de Bucarest, de ses habitants d’avant 1989 et de leurs avatars postcommunistes. L’histoire politique du quartier se superpose à l’histoire des élites dirigeantes de la Roumanie et est révélatrice pour les rapports entre les différentes factions formées à l’intérieur du Parti, les épurations, les réhabilitations. Elle représente également un observatoire privilégié pour les rapports que le Parti Communiste Roumain entretient avec Kremlin, ainsi qu’avec d’autres partis communistes. Finalement, l’histoire postcommuniste du même quartier peut fournir une réponse à une question apparemment très simple, à savoir « qu’est-ce qui change après 1989 » ?Par cette étude de cas nous nous proposons de « tester » la thèse du « capitalisme politique », selon laquelle on assisterait après 1989 à une transmutation du capital politique que la nomenklatura communiste détenait en capital économique.<p> / Doctorat en Sciences politiques et sociales / info:eu-repo/semantics/nonPublished

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