published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Asian Studies / Master / Master of Philosophy

I examine the influence of ownership structure on labor decisions by comparing how public and private banks manage their labor costs. I find that, compared to private banks, public banks grow their labor force by more when activity increases. However, due to capital market pressure, managers of public banks reduce labor costs to avoid reporting earnings declines while private banks increase labor costs around the same benchmark. In particular, I find that managers of public banks reduce labor costs to avoid reporting an earnings decline when they have diversified lines of business or when they do not make use of alternative methods of earnings management. Furthermore, public banks that reduce labor costs and report a small earnings increase experience improved subsequent performance. Overall these findings suggest that financial reporting pressure in public firms can constrain empire building by incentivizing managers to make strategic cost cuts.

South Africa's water law dispensation has changed dramatically with the promulgation of the National Water Act 36 of 1998. The previous distinction between public and private water has been abolished and the Minister of Water Affairs and Forestry has been appointed to act as trustee of the nation's water resources. Through the working of section 4(4), exclusive rights of water use, which were in force before 1998, were replaced by water allowances, granted in the discretion of the relevant authority. The key issue, which is investigated in this article, is whether the state, through the provisions of the National Water Act, expropriated vested rights in property or whether such infringement merely constituted a deprivation. The new concept of property in terms of section 25 of the Constitution of the Republic of South Africa and the distinction between deprivation and expropriation are examined. It is indicated that the concept of property in South African law has been extended to include not only ownership but also rights in property. Although no definition of property has been formulated in the Constitution, it appears from applicable authority, that this development in the law of property is supported by the Constitution and that the protection granted by the property clause will stretch as far as the inclusion of rights in property. It is for this reason that the existing water use rights, which were available to certain individuals in terms of the 1956 Water Act, can be classified as property. Section 25(1) authorises the infringement of private property in certain defined instances. Despite the many academic works which define the difference between deprivation and expropriation as described in section 25(2), the Constitutional Court clarified this matter in First National Bank of SA Ltd Va Wesbank v Commissioner for the South African Revenue Services 2002 7 BCLR 702 (CC). Expropriation is described as a sub-category of deprivation. Section 25(1) must thus be used as the starting point in all cases in which an investigation is conducted into the constitutional validity of an infringement of property. Only when it has been established that the requirements of section 25(1) have been complied with, is the question of whether deprivation constitutes expropriation, asked. The requirements for deprivation, expropriation and inverse condemnation are discussed with reference to applicable case law. After the aim of the National Water Act was weighed up against the disadvantages which individuals suffer through the infringement of their vested rights, the conclusion was reached that the nation's need for sustainable water resources carries more weight than the individual's exclusive right of use of water. A constitutionally valid deprivation has thus occurred. Due to the fact that the state did not appropriate any rights in this process, the conclusion was reached that this provision does not amount to an expropriation. It does however appear that the provisions of the National Water Act can give rise to inverse condemnation or constructive expropriation in specific circumstances. / Thesis (LL.M. (Estate Law))--Potchefstroom University for Christian Higher Education, 2003.

The existing literature on household wealth accumulation has hitherto recognized the lifecycle effects, household socio-economic characteristics, bequest motives, and intergenerational transfers as important factors affecting household net wealth. The two empirical essays in this thesis expand the literature by emphasizing the likely roles that a household's tenure choice and home equity borrowing decisions have in its wealth accumulation process. The first essay, entitled "Homeownership and Household Wealth Accumulation", tests whether homeownership has placed the owner household on a more favorable wealth accumulation path, based on past observations that the values of owner-occupied housing have grown at a real rate greater than those of financial or other tangible assets. The premise is that, while the tenure choice decision is affected by a household's net wealth, the housing tenure chosen could place a household on different wealth accumulation paths over its life-cycle. Controlling for selection bias arising from tenure status, the results indicate that typical homeowners and renters have distinct wealth accumulation processes. While homeownership improves the wealth position of homeowners, the renter households are, however, better off in their existing tenure than otherwise. It appears that households self-select themselves into the appropriate tenure that optimizes their wealth accumulation paths. The second essay on "Household Consumption/Investment Behavior and Home Equity Loans" investigates which behavioral model underpins the homeowners' consumption and investment decisions of home equity loan funds, and how these decisions impact portfolio decisions and wealth accumulation. It concludes that the 'life-cycle model' and the 'precautionary savings model' prevail over the 'bequest motive model' in motivating the household consumption/investment decisions of home equity loans. Home equity loans alter the illiquid nature of housing investment through convenient tapping of housing equity, and reduce household preference to hold liquid assets to meet precautionary needs. Their presence encourages loan users to hold smaller shares of liquid cash and financial assets in total assets, and to diversify from housing asset to business, real estate and illiquid nonhousing assets. They generally reduce homeowners' net wealth, reflecting a tendency for borrowed funds to be consumed or invested in loss-incurring assets.

Traditional familial care has been challenged due to the reduction of family size and increased mobility of the Chinese population. Institutional elder care is increasingly becoming an alternative to familial care. This study explores the relationship between ownership of elder care home and care quality, using data collected in 2010 from 157 homes in Tianjin. Two hypotheses were proposed for the study: 1) There is a difference between government and non government-owned facilities in facility characteristics; 2) Government-owned facilities have better care quality outcomes. The t-test results showed that government-owned elder care homes had advantages in economic resources, staffing and the availability of services. Government-owned facilities reported lower mortality rate compared to non government-owned facilities. Multi-variant regression analysis showed that economic resources—whether funding from the government or high payments from care-recipients in private facilities--are important factors predicting higher levels of care quality. These results indicate that the Chinese government continues to play an important role in institutional long term care; in the meantime, private market is increasing its prominence in the long term care market.

The United States Health Care sector is a large and growing segment of the US economy. Herein, I present three distinct research projects regarding aspects of that industry, especially how it responds to public policy and government pro- grams. I focus primarily on the hospital sector, and the Medicare Advantage market. Additionally, I explore how ownership type-publicly owned versus for-profits, for example-behave differently. I investigate the relative efficiency of different ownership types in the US hospital industry. Earlier studies neglect the differential ability of the hospital types to choose their own market. We use a Dubin-McFadden approach to solve the endogeneity problem and estimate hospital efficiencies for each ownership type. Efficiencies are estimated using stochastic frontier analysis. Results indicate that accounting for location choice does affect estimates of efficiency and that for-profit hospitals have a relative advantage in smaller markets while public hospitals have a slight edge in larger markets. Next, I study entry decisions of insurance plans participating in the Medicare Advantage program. I use the prevailing models of entry to compare how for profit and non-profit insurance firms differentially emphasize the characteristics of potential markets. I also determine how the preferential treatment of non-profits affects the composition of markets and whether governments should adjust their treatment to encourage or discourage non-profit entry. Results indicate that non-profit insurance companies are more responsive to higher payment rates which suggest that they act more like for-profit firms than altruistic organizations. Finally, I estimate the how much net welfare, Medicare Advantage contributes to the US economy. I use the Medicare Current Beneciary Survey to estimate a discrete choice model of beneciaries' choice of traditional Medicare, Medigap, and Medicare Advantage. I use the results to calculate the net welfare; I find that Medicare Advantages, on net, increased social welfare by 7.76 billion dollars in 2005.

Asymmetric information has crucial implications for various market participants in financial markets, including investors (local and foreign), firms, and governments. The information asymmetry problem is especially severe in emerging markets. My dissertation attempts to address a few information-related questions that interest both academicians and practitioners. The first study adds some new evidence to the on-going debate of whether local or foreign investors are better informed. I offer a new perspective to the issue by examining two market segments within one country but separated by the relevance of local knowledge measured by state ownership. I find that state ownership has a dramatic asymmetric effect on local and foreign institutional investors in China’s stock market. Local (foreign) institutional investors have an informational advantage in state-owned enterprises (SOEs), while foreign institutional investors have an informational advantage in non-state-owned enterprises (non-SOEs). Moreover, the informational advantage of local institutional investors is less evident in SOEs with high board independence and better audit quality. Building on these results, the second study further uses local and foreign institutional ownership as a measure of private information and examines whether firm-specific return volatility proxies for price informativeness. I find firm-specific return volatility is positively related to private information. Therefore the results support the notion that firm-specific return volatility measures the rate of private information impounded into stock prices. My research contributes to the literature in at least four important ways. My findings reconcile the two opposing views on local and foreign investors in the literature and suggest that the informational advantages of local and foreign investors vary with the relevance of local knowledge. Examining only the whole market in past research masks important variation in the relative advantages of local and foreign investors in market segments within a country. My study also suggests that taking into account firm-level characteristics, especially corporate governance measures, can enhance our understanding of the behavior of institutional investors. Additionally I provide some of the first evidence to show that local political institutions can create barriers faced by international investors. Finally, my research confirms the merit of firm-specific return volatility as a measure of price informativeness. Together, these studies provide new insights into research on asymmetric information in emerging markets and have important implications for local and foreign investors, firms, and governments. / Thesis (Ph.D, Management) -- Queen's University, 2011-03-24 19:35:47.788

The international community has followed up its 2001 invasion of Afghanistan with a complex multi-faceted peacebuilding project. However, informed observers believe the Western-led mission in Afghanistan has failed to address the inherent peacebuilding needs of Afghanistan and has hindered the formation of a locally experienced sustainable peace. In response, emerging peacebuilding theory and rhetoric has pointed to an urgent need for revised peacebuilding paradigms and strategies that hold local (Afghan) ownership of peacebuilding activities as a central concern. This research project utilised a qualitative grounded theory methodology to explore perceptions of Afghan ownership of peacebuilding activities in Afghanistan. Research data was gathered in early 2011 through face-to-face semi-structured interviews with 63 local and international peacebuilding leaders in two Afghan urban centres. The participants included persons from the United Nations, the Afghan and foreign governments, local and international NGOs, a broad range of civil society groups, international donors, and the international military forces. Analysis of the interview narratives revealed several dilemmas on the journey towards increased Afghan ownership of peacebuilding. First, participants believed that the international community is performing important roles in Afghanistan, but is struggling to ensure Afghan ownership of peacebuilding activities. Second, international and Afghan peacebuilding actors have struggled to define who should be owning peacebuilding in at least two respects: (1) civil society or government; and (2) traditional- informal or democratic-formal institutions. Third, grassroots populations and Afghan civil society felt virtually no ownership of upper-level peace processes, and described a distinct lack of locally owned grassroots-level peace process activities. And fourth, inappropriate external forces and processes, the militarisation and politicisation of peacebuilding activities, local aid dependency, and inadequate local control over peacebuilding coordination have hindered the international-domestic inter-relationship in Afghanistan. However, the dilemmas of local ownership do not need to be viewed as unworkable barriers but can be re-conceptualised as holding constructive potential in designing sustainable peacebuilding solutions. To this end, this research study proposed the creation of a locally owned, broadly participatory, and strategic dispute resolution system that might transform international-local relations and forge the necessary space in which the transition to local authority and ownership might occur.

How consumers pay influences how they feel about a transaction. In particular, paying by card has been argued to have an effect on the perception of cost; making it less salient and painful. We propose and show that payment method also influences how consumers feel about the acquired good. Specifically we focus on effects of the payment method on psychological ownership, i.e. the perception of an object as "mine". We propose that cash payment results in stronger psychological ownership because it influences the extent of perceived investment in an object. We provide evidence for the proposed effect from field and laboratory settings. Results of a longitudinal exit-survey and an experiment show that cash payers report higher levels of immediate psychological ownership than card payers. However, this effect seems to depend on the meanings associated with a payment method. Asian students (who associate credit card payment with investment and debt) do not exhibit this effect. Moreover the initial boost in psychological ownership seems to be comparably shortlived. Whilst those paying in cash experience no further increase in psychological ownership over time, those paying by card do. (author's abstract)