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Publication 刘晏与中唐盐政和漕运改革 = LIU YAN AND THE REFORM OF SALT ADMINISTRATION AND GRAIN TRANSPORT IN THE MID TANG PERIOD(2002) 彭育坤; PHANG YUH KOON; CHINESE STUDIES; 李志贤; LEE CHEE HIANGIn the first half of the eighth century, Tang China (618-907) stood out as the world's unrivaled empire. That as an era of unprecedented material prosperity, of political, economic and military prowess, of institutional growth and of tremendous vitality. As the second half of that century proceeded, however, this once influential dynasty was pushed to the brink of collapse by the major An Lu Shan Rebellion (755-763) and a series of subsequent military uprisings. Following the immediate outbreak of the An Lu Shan Rebellion, the Tang dynasty was faced with an entirely new political, economic and financial situation. The whole of the North and Northeast was lost to the rebels, which meant not only the loss of the vast area of territories, but a very considerable loss of tax revenue. Even after the suppression of the rebels in 763, many of the governors of provinces, especially in the Northeast, had their own territories of control and they remained semi- autonomous, and rendered no tax revenues to the central government in Chang An. Simultaneously, the Tang administration had to defend the country from numerous military and territorial conquests launched by the ambitious and aggressive bordet nomads like the Uighur and the Turks. As a result, large armies had to be stationed in the Northwest These troops consumed all the tax revenues, financial and economic resources and other food commodities from the Northwest, and more besides. Hence, under these critical conditions, financial and economic reforms were made essential to make good the enormous losses of stores and tax revenue suffered during wartime and to cope with the exponential increase in government" s financial expenditure. Just when the country faced a major financial crisis and a serious grain shortage problem coupled with the soar in grain prices in the capital, Liu Yan (715-780), a prominent finance Minister, entered the political power pivot and implemented an array of financial and economic reforms. Of all, the most successful and farsighted ones were the institution of the new indirect salt tax system and the reconstruction of the grain transportation system. Under Liu Yan' s financial and economic administration, the Salt Commission grew into a powerful organization with manifold interests, while the salt tax revenue successfully replaced the government' s income normally derived from Tsu-Yung-Tiao, a direct taxation system. The salt tax revenue even increased to such an extent that by 780 it was providing more than half of the annual income at the disposal of the central authorities. In addition, as a result of the reforms made to the grain transportation system, not only was transport restored, but also its transportation cost and time greatly reduced. To a great extent, the grain transport reforms also lessened the financial burden of the commoners and ensured the safety of the transportation crew. Furthermore, these reforms greatly stimulated the country' s economic development and trade growth. Most importantly, the abundant and unobstructed influxes of grain imports, tax revenue, financial resources and other commodities from the South into the capital' s treasury and grain storehouses that resulted from Liu Yan' s grain transportation reforms solved the grain shortage problem in Chang An. Indeed, the new indirect salt monopoly and the reconstruction of the grain transportation system implemented by Liu Yan revived the Tang dynasty. With due success of these economic reforms, the Tang dynasty's ruling ability and strength was consolidated Thus Liu Yan became a pivotal figure during an age of dynastic decline and political turbulence. Interest in Liu Yan has continued among Chinese, Taiwanese, Hong Kong, Asian and even Western scholars. A number of books, biographies, thesis papers and academic articles on his economic views and financial and economic policies or reforms have been published in various countries like China, Taiwan and Hong Kong. Hereby, this thesis paper which consists of six chapters is intended to be an exploration and critical analysis of Liu Yan and the Reform of Salt Administration and Grain Transport in the Mid-Tang Period. Chapter One states the reasons, methodology and areas of research. Chapter Two provides the reader with some background knowledge of liu Yan' s time, family background, and his political career that is fraught with obstacles. Chapter Three examines Liu Yan's economic thoughts or views that are distinctively demonstrated in his reform of the salt administration and grain transport Liu Yan' s reform of the salt administration and grain transport was like a sea change in ancient China, thus Chapter Four and Five are intended to be not only a mere narration of the detailed content of these reforms, but also comparison of Di Wu Qi's direct salt monopoly and liu Yan's indirect salt taxation system; Pei Yao Ching's, Wei Jian's and other Tang Transport Commissioners' reforms of the Grain Transport respectively. These comparisons are done to achieve a critical discussion and analysis of the merits and inadequacy of Liu Yan' s Salt Administration and Grain Transport reforms. Last but not least, Chapter Six, with the intention to arave at a valid conclusion, places emphasis on the reconciliation of conflicting viewpoints on the research topic.Publication COMPARING IMPACTS OF AMENITIES ON PUBLIC AND PRIVATE HOUSING PRICES WITHIN MATURE AND YOUNG ESTATES(2011-04-19) TAN YI HUA; REAL ESTATE; SEAH KIAT YINGHousing amenities are essential in supporting community living within estates. It is observed that HDB flats and private properties coexist in most estates. Differences in residents’ profile might result in a disparity in their willingness to pay for proximity to amenities. Furthermore, it is uncertain if amenities’ effects on property values vary across mature and young estates that differ in terms of development. A hedonic pricing model was implemented and it was discovered that proximity to primary schools, parks and petrol stations have a greater impact on prices of private properties, whereas shopping centres and MRT stations have a lower impact on prices. This relates to higher demand for quality living as household income increases where private homeowners place greater emphasis on environmental goods and prefer to be located away from amenities that generate higher noise and traffic. Higher incomes groups also tend to possess their own transport and are less concerned with the convenience to shops and public transport systems. In this aspect, externalities generated from amenities on prices of residential properties tend to have a reduced effect beyond a certain distance.Publication FERTILITY DIFFERENTIALS BY ETHNIC GROUP, SINGAPORE 1980-1999(2001) ADELINE PHUA LI CHUEN; ECONOMICS & STATISTICS; G. SHANTAKUMARPublication THE FUTURE OF GREEN MARK SCHEME WITHIN SINGAPORE(2011-05-20) LIM CHOON TAT; BUILDING; CHEONG KOK WAI DAVIDIn order to match up with the challenges of global warming and scarce natural resources, the practice of sustainable construction is necessary. Since the construction sector plays an important role in Singapore’s economy and social development, efforts must be put in to achieve a sustainable built environment in the form of utilizing green building schemes such as the Green Mark Scheme (GMS). Active promotion is carried out by the Building and Construction Authority (BCA) in Singapore to encourage adoption of the GMS and meet the growing demand for green technologies and green construction in Singapore. As such, this study aims to establish the current level of success of the GMS and LEED (Leadership in Energy and Environmental Design), followed by the revision of the GMS to determine if any suitable guidelines from the LEED can be implemented into it to further improve it as an attractive and better green rating system. Literature reviews were conducted extensively to determine the level of success for the GMS and LEED and to provide a basic understanding of where the two green rating systems stand in the current construction industry. Interviews were conducted with two construction industry professionals to gain their valuable insight on the LEED guidelines to be implemented. A survey was conducted in complementary to the interviews to gather opinions from the other construction industry professionals on the implementation of the LEED guidelines into the GMS. Due to time constraints and word limit imposed, the general conclusions being drawn were limited in terms of accuracy and applicability to the rest of the construction industry. Hence, there may be insufficient information gathered for this study. It was proposed that a more in-depth and larger study be conducted for future works in order to have a broader perspective on the industry’s opinions on the LEED implementation.Publication A SHIFT IN CURRENT EMPLOYMENT CULTURE IN SINGAPORE'S CONSTRUCTION INDUSTRY(2015-01-08) CHIEW JIA QIAN; BUILDING; GEORGE OFORIOne of the significant industries in Singapore is the construction sector. The practice of subcontracting is widely adopted in the current employment culture. However, this method presents several difficulties to both main contractor and subcontractor. Thus, this study aims to identify the challenges faced by main contractor and subcontractor due to subcontracting; explore unique employment cultures in other countries such as Japan and South Korea; and recommend solutions to improve the present situation. The study is based on literature review and the findings from the results of a field study comprising interviews and a survey using questionnaires. The literature review gives an overview of the current subcontracting practices in Singapore’s construction industry. Japan’s and South Korea’s unique employment culture were also studied. For instance, in both countries, there is long-term collaboration between involved parties and the development of the subcontractor. Therefore, the study of both countries could present valuable lessons for the construction industry in Singapore. Two sets of survey questionnaires were completed by 32 main contractors and 23 subcontractors. The survey sought to ascertain the issues facing both main contractors and subcontractors with subcontracting and also gather their views and recommendations on the issue. Interviews were conducted with 4 professionals from 4 contracting firms in the local construction industry in order to obtain deeper perceptives and analysis. The findings revealed the actual challenges faced by the main contractors and subcontractors and presented some of the recommendations proposed by them. Thereafter, recommendations were made, based on the findings drawn from the components of the study: the literature review; and analysis of survey questionnaires and interviews. The adoption of long term relationship between main contractors and subcontractors, development of the capability of subcontractors, negotiable terms in subcontracting contract and prohibition of total subcontracting would help to achieve improvement in the current subcontracting practices. The recommendations are beneficial to the main contractor, subcontractor and the industry as it will eventually lead to an enhancement in the quality of work in the construction project. Lastly, future research can be done with regards to the feasibility of the recommendations proposed.Publication SOCIAL APPS COMPETITION WITH CAPTIVE USERS.(2019-11-04) HO YIDA LESLIE; ECONOMICS; ZHOU JUNJIEWe consider a model with two interdependent social apps available to users in a social network. Captive users of a social app only consume their respective app while non-captive users could consume both. These social apps can either be complements or substitutes. We analyse the equilibrium by considering both a symmetric and an asymmetric captive network structure. Under a symmetric structure, users benefit with both apps being complements or as network effect intensity increase. However, with an asymmetric structure, users’ utility depends heavily on the relative size of each captive users set. As the asymmetry increases, users in the larger captive set receive a higher equilibrium utility while those in the smaller captive set may have a reduced utility should the apps be substitutes. In both structures, we show that non-captive users receive the highest equilibrium utility which is contributed by their network position and their availability of choices.Publication World Heritage Sites in Southeast Asia: Patrimonialism and Exploitation(2018-04-06) Lau Jia Wen; POLITICAL SCIENCE; Miksic John NThis thesis aims to examine why several cultural World Heritage Sites in Southeast Asia face degradation after being nominated by the UNESCO (United Nations Educational, Scientific and Cultural Organisation), while others do not. Primarily, it examines bureaucrats’ values and motivations for nominating World Heritage Sites, and the main parties who benefit from and bear the costs of World Heritage inscription. In doing so, this thesis identifies how a nation-state’s inherent political culture influences both the outcomes of site preservation efforts and the management of tourism activities associated with the World Heritage Site. This thesis contends that World Heritage Sites are frequently exploited as tourism enterprises by corrupt bureaucrats within developing nation-states for personal economic gains. To test this hypothesis, I will first analyse two sites: Borobudur, a World Heritage Site in Indonesia; and Bagan, a pending World Heritage Site in Myanmar. Both case studies represent sites that display signs of physical degradation, which are found in developing nation-states that exhibit similar political symptoms – existence of patrimonialism before the colonial powers ruled, and resurfacing during the post-colonial period. The third site to be analysed, the Singapore Botanic Gardens, provides a contrasting case study. The People’s Action Party has taken a determined stance against corruption since Singapore gained independence, and its World Heritage Site has been well preserved. Thus, by identifying distinct political contexts and modes of Southeast Asian nation-states, this thesis relates different experiences of World Heritage Sites in Southeast Asia to political variables.Publication RISK-RETURN CONVERGENCE AND LINKAGES IN INTERNATIONAL SECURITIZED REAL ESTATE MARKETS(2010-01-04T07:58:10Z) CHUA YAO QUAN, SAMUEL; REAL ESTATE; LIOW KIM HIANGWith deepening market linkages, the correlation structure and risk-return characteristics of the international securitized real estate markets may have evolved over time. Numerous studies have addressed the issue of the changing international correlation structure but not that of the risk-return characteristics. It is noted that increasing correlation structure does not necessarily imply any specific changes in risk-return characteristics. The main objective of this study is to examine the historical evolution of risk-return characteristics of the sample 14 developed real estate securities markets. The study also attempts to investigate the factors that affect risk-return convergence, and to understand the impact of global market conditions upon convergence. Lastly, the relationship between correlation and convergence is studied. The risk-return distance among the securitized real estate markets is first computed using the Euclidean distance measure. The results indicate the cross-market risk-return distance of the sample 14 developed real estate securities markets have converged significantly for the sample period 1993 to 2007, implying a risk-return convergence. The convergence is propelled by both risk and return convergence. In particular, the average risk-return distance has decreased by approximately 35% for the duration of the sample period. The speed of convergence, however, varies differently across the individual markets, which is attributed mainly to the initial distance of each individual market from the international average risk-return characteristic. Furthermore, the documented risk-return convergence remains robust even with the inclusion of varying global market conditions. It is also found that increasing correlation across the markets does not necessarily imply any specific change in their risk-return characteristics.Publication MARKET EFFICIENCY AND TIMING ANOMALIES: EVIDENCE FROM REAL ESTATE MARKETS(2005) LOH CHIEW HUI; REAL ESTATE; OOI THIAN LEONG JOSEPHThe validity of the Efficient Market Hypothesis has all along been a much debated issue in the capital investment market. Inefficiencies in the market can allow the prediction of price movements and stock performances, thus leading to opportunities of making abnormal profits. One type of market inefficiency is known as timing anomalies. These refer to abnormal returns in stocks during specific trading days or during certain months. Knowledge of such anomalies will allow investors to aptly alter their trading strategies in accordance to stock behaviour witnessed in the timing anomalies so as to fully maximize profits and minimize losses. With the development of indirect real estate investment vehicles and the convergence of the real estate and equity market, listed property stocks and real estate investment trusts are now part of the capital market. If timing anomalies are proven to be present in these instruments, real estate investors will be able to take advantage of them. This study examines the presence of these anomalies in the Singapore and Australian context. The results indicate that the Day-of-the-Week effect, the Turn-of-the-Month effect and the Pre-Holiday effect exist mainly in Singapore property stocks and their existence is linked to the size of the stocks. The findings are done using both parametric and non-parametric tests. Resultant implications and strategies are suggested by these findings. Lastly, the Ghost Month effect does not seem to exist in the Singapore property-related stocks. It can be concluded that there is evidence from the real estate market that market inefficiencies in the form of timing anomalies exist. Investors, especially retail investors interested in investing in real estate, are likely to gain by altering their trading patterns in accordance to the findings.Publication QUALITY OF LIFE IMPLICATIONS - PUBLIC HOUSING AND FIRST-TIME HOMEBUYERS WITH A NUCLEAR FAMILY(2006) LEE MEIXIU; REAL ESTATE; WONG KHEI MIE GRACEWith Singapore's birth rates falling, the government is giving out incentives to encourage couples to have children. One of the ways that the government could encourage people to get married is through providing public housing that caters to their needs since in the Singaporean context, applying for a HDB flat is almost synonymous with marriage. With this in mind, this paper proposes 18 domains of housing to be rated by first-time public housing buyers who are married and are moving into their new flat with their nuclear family. The level of importance of these domains are rated using a five-point Likert scale and the questionnaire survey is conducted with 200 first-time homebuyers. The results have shown that the top five most important domains of housing are: "access and proximity to public transport and infrastructure", "safety of neighbourhood in terms of security and crime rate", "sense of privacy at home", "size of unit" and "design and layout of external faqade and spatial arrangement". The one-way ANOVA tests reveal that respondents' rating of the 18 domains of housing is most significantly affected by their level of education and income. It is also found that respondents are less concerned with socialising and interactions with their neighbours. This dissertation therefore suggests that the government pay more attention to those domains that are ranked highly by the respondents in order to better provide for their accommodation needs. The government could also promote more social interactions between residents by building facilities and amenities which provide additional opportunities for socialisation, especially for respondents who are more highly educated and earn a higher income. This dissertation therefore recommends the provision of more sports facilities since they would be suitable for residents of different gender, age group, race, religion, affluence and education level. This would then increase socialisation among the residents at all levels, helping to create a stronger bond between them as well as promote a healthy lifestyle for them.