Search results for: wholesale price contract

Authors: Andrey Matyukhin

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Russian official statistics have been showing a steady decline in residential real estate prices for several consecutive years. Price risk in real estate markets is thus affecting various groups of economic agents, namely, individuals, construction companies and financial institutions. Potential use of property derivatives might help mitigate adverse consequences of negative price dynamics. Unless a sustainable price indicator is developed, settlement of such instruments imposes constraints on counterparties involved while imposing restrictions on real estate market development. The study addresses geographical and classification heterogeneity in real estate prices by means of variance analysis in various groups of real estate properties. In conclusion, we determine optimal sample structure of representative real estate assets with sufficient level of price homogeneity. The composite price indicator based on the sample would have a higher level of robustness and reliability and hence improving liquidity in the market for property derivatives through underlying standardization. Unlike the majority of existing real estate price indices, calculated on country-wide basis, the optimal indices for Russian market shall be constructed on the city-level.

Keywords: price homogeneity, property derivatives, real estate price index, real estate price risk

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Authors: Sahani Rathnasiri, Pritee Ray, Sardar M. N. Isalm, Carlos A. Vega-Mejia

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This study develops a cooperative game theory-based cost-sharing contract model for a business to consumer (B2C) e-commerce supply chain to minimize the overall supply chain costs and the individual costs within an information asymmetry scenario. The objective of this study is to address the issues of strategic interactions among the key players of the e-commerce supply chain operation, which impedes the optimal operational outcomes. Game theory has been included in the field of supply chain management to resolve strategic decision-making issues; however, most of the studies are limited only to two-echelons of the supply chains. Multi-echelon supply chain optimizations based on game-theoretic models are less explored in the previous literature. This study adopts a cooperative game model to focus on the common payoff of operations and addresses the issues of information asymmetry and coordination of a three-echelon e-commerce supply chain. The cost-sharing contract model integrates operational features such as production, inventory management and distribution with the contract related constraints. The outcomes of the model highlight the importance of maintaining lower operational costs by all players to obtain benefits from the cost-sharing contract. Further, the cost-sharing contract ensures true cost revelation, and hence eliminates the information asymmetry issues among the players. Comparing the results of the contract model with the de-centralized e-commerce supply chain operation further emphasizes that the cost-sharing contract derives Pareto-improved outcomes and minimizes the costs of overall e-commerce supply chain operation.

Keywords: cooperative game theory, cost-sharing contract, e-commerce supply chain, information asymmetry

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Authors: T. Spiegel, J. Siegmann, C. F. Durach

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Challenges resulting from an international and dynamic business environment are increasingly being passed on from manufacturing companies to external service providers. Especially providers of complex, customer-specific industry services have to cope with continuously changing requirements. This is particularly true for contract logistics service providers. They are forced to develop efficient and highly flexible structures and strategies to meet their customer’s needs. One core element they have to focus on is the reorganization of their service development and sales process. Based on an action research approach, this study develops and tests a concept to streamline tender management for contract logistics service providers. The concept of modularized service architecture is deployed in order to derive a practice-oriented approach for the modularization of complex service portfolios and the design of customized quotes. These findings are evaluated regarding their applicability in other service sectors and practical recommendations are given.

Keywords: contract logistics, modularization, service development, tender management

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Authors: Touila Ahmed, Elie Louis, Hamza Gharbi

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State of the art question answering models have recently shown impressive performance especially in a zero-shot setting. This approach is particularly useful when confronted with a highly diverse domain such as the legal field, in which it is increasingly difficult to have a dataset covering every notion and concept. In this work, we propose a flexible generative question answering approach to contract analysis as well as a weakly supervised procedure to leverage unannotated data and boost our models’ performance in general, and their zero-shot performance in particular.

Keywords: question answering, contract analysis, zero-shot, natural language processing, generative models, self-supervision

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Authors: Sumit Sen, Sohan Khedekar, Umang Shinde, Shivam Bhargava

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This study has been undertaken to investigate whether the deep learning models are able to predict the future stock prices by training the model with the historical stock price data. Since this work required time series analysis, various models are present today to perform time series analysis such as Recurrent Neural Network LSTM, ARIMA and Facebook Prophet. Applying these models the movement of stock price of stocks are predicted and also tried to provide the future prediction of the stock price of a stock. Final product will be a stock price prediction web application that is developed for providing the user the ease of analysis of the stocks and will also provide the predicted stock price for the next seven days.

Keywords: Autoregressive Integrated Moving Average, Deep Learning, Long Short Term Memory, Time-series

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Authors: Daniel Mokatsanyane, Johnny Jansen Van Rensburg

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This paper is a concise introduction of the risk management on the water derivatives market. Water, a new commodity in the market, is one of the most important commodity on earth. As important to life and planet as crops, metals, and energy, none of them matters without water. This paper presents a brief overview of water as a tradable commodity via a new first of its kind futures contract on the Nasdaq Veles California Water Index (NQH2O) derivative instrument, TheGeneralised Autoregressive Conditional Heteroscedasticity (GARCH) statistical model will be the used to measure the water price volatility of the instrument and its performance since it’s been traded. describe the main products and illustrate their usage in risk management and also discuss key challenges with modeling and valuation of water as a traded commodity and finally discuss how water derivatives may be taken as an alternative asset investment class.

Keywords: water derivatives, commodity market, nasdaq veles california water Index (NQH2O, water price, risk management

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Authors: George Hadjinicola, Andreas Soteriou

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This paper examines the relationship between the number of price promotions that a firm should conduct per year and the level of safety stocks that the firm should maintain. Price promotions result in temporary sales increases, which affect the operations function through (1) an increase in the quantities demanded and (2) an increase in safety stocks required to maintain the desired service level. We propose a modeling framework where both price promotions and improved service levels, operationalized through higher safety stocks, can affect sales. We treat the annual number of promotions as a decision variable. We identify market conditions where the operations function, through improved safety stocks, can complement price promotions or even play the leading role in sales increases.

Keywords: price promotions, safety stocks, marketing/operations interface, mathematical model

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Authors: Salako Rotimi, Oshungade Stephen, Ojewoye Opeyemi

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The maintenance of price stability is one of the macroeconomic challenges facing Nigeria as a nation. This paper attempts to build a co-integration multivariate time series model for inflation movement in Nigeria using data extracted from the abstract of statistics of the Central Bank of Nigeria (CBN) from 2008 to 2017. The Johansen cointegration test suggests at least one co-integration vector describing the long run relationship between Consumer Price Index (CPI), Food Price Index (FPI) and Non-Food Price Index (NFPI). All three series show increasing pattern, which indicates a sign of non-stationary in each of the series. Furthermore, model predictability was established with root-mean-square-error, mean absolute error, mean average percentage error, and Theil’s unbiased statistics for n-step forecasting. The result depicts that the long run coefficient of a consumer price index (CPI) has a positive long-run relationship with the food price index (FPI) and non-food price index (NFPI).

Keywords: economic, inflation, model, series

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Authors: Minseo Jo

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The purpose of this paper is to examine the factors in the hedonic price models, that has significance impact in determining the price of apartments. There are many variables employed in the hedonic price models and their effectiveness vary differently according to the researchers and the regions they are analysing. In order to consider various conditions, the meta-regression analysis has been selected for the study. In this paper, four meta-independent variables, from the 65 hedonic price models to analysis. The factors that influence the prices of apartments, as well as including factors that influence the prices of apartments, regions, which are divided into two of the research performed, years of research performed, the coefficients of the functions employed. The covariance between the four meta-variables and p-value of the coefficients and the four meta-variables and number of data used in the 65 hedonic price models have been analyzed in this study. The six factors that are most important in deciding the prices of apartments are positioning of apartments, the noise of the apartments, points of the compass and views from the apartments, proximity to the public transportations, companies that have constructed the apartments, social environments (such as schools etc.).

Keywords: hedonic price model, housing price, meta-regression analysis, characteristics

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Authors: Sayedramin Hashemianesfehani, Seyed Hossein Hosseinilargani

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In this study, we attempt to realize that to what extent the increase in selected commodities in Iran Market is originated from the implementation of the targeted subsidies law. Hence, an econometric model based on existing theories of increasing and transferring prices in order to transferring inflation is developed. In other words, world price index and virtual variables defined for targeted subsidies has significant and positive impact on the producer price index. The obtained results indicated that the targeted subsidies act in Iran has influential long and short-term impacts on producer price indexes. Finally, world prices of dairy products and dairy price with respect to major parameters is carried out to obtain some managerial ‎results.

Keywords: econometric models, targeted subsidies, consumer price index (CPI), producer price index (PPI)

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Authors: Sim Nee Ting, Lan Eng Ng

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Standard forms of contract in Malaysia are pre-written, printed contractual documents drafted by recognised authoritative bodies in order to describe the rights and obligations of the contracting parties in all construction projects in Malaysia. Studies and form revisions are usually conducted in a relatively random and qualitative manner, but the search of contractual documents idealization remains. It is not clear how these qualitative findings could be helpful for contractual documents improvements and re-drafting. This study aims to quantitatively and systematically analyse and evaluate the rights and obligations of the contracting parties as stated in the standard forms of contract. The Institution of Engineers Malaysia (IEM) published a new standard form of contract in 2012 with a total of 63 classes but the improvements and changes in the newly revised form that are yet to be analysed. IEM form will be used as the case study for this study. Every clause in this said form were interpreted and analysed according to the involved parties including contractor, engineer and employer. Modified from Matrix Method and Likert Scale, the result analysis were conducted based on a scale from 0 to 1 with five ratings namely “Very Unbalance”, “Unbalance”, “Balance”, “Good Balance” and “Very Good Balance”. It is hoped that quantitative method of form study can be used for future form revisions and any new forms drafting so to reduce on any subjectivity in standard forms of contract studies.

Keywords: contracting parties, Malaysia, obligations, quantitative measurement, rights, standard form of contract

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Authors: Ons Triki, Fathi Abid

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Along with the increase in the use of leasing contracts in corporate finance, multiple studies aim to model the credit risk of the lease in order to cover the losses of the lessor of the asset if the lessee goes bankrupt. In the current research paper, a convertible lease contract is elaborated in a continuous time stochastic universe aiming to ensure the financial stability of the firm and quickly recover the losses of the counterparties to the lease in case of default. This work examines the term structure of the lease rates taking into account the credit default risk and the capital structure of the firm. The interaction between the lessee's capital structure and the equilibrium lease rate has been assessed by applying the competitive lease market argument developed by Grenadier (1996) and the endogenous structural default model set forward by Leland and Toft (1996). The cumulative probability of default was calculated by referring to Leland and Toft (1996) and Yildirim and Huan (2006). Additionally, the link between lessee credit risk and lease rate was addressed so as to explore the impact of convertible lease financing on the term structure of the lease rate, the optimal leverage ratio, the cumulative default probability, and the optimal firm value by applying an endogenous conversion threshold. The numerical analysis is suggestive that the duration structure of lease rates increases with the increase in the degree of the market price of risk. The maximal value of the firm decreases with the effect of the optimal leverage ratio. The results are indicative that the cumulative probability of default increases with the maturity of the lease contract if the volatility of the asset service flows is significant. Introducing the convertible lease contract will increase the optimal value of the firm as a function of asset volatility for a high initial service flow level and a conversion ratio close to 1.

Keywords: convertible lease contract, lease rate, credit-risk, capital structure, default probability

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Authors: Abosede Priscilla Ipadeola

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The quest for egalitarian justice requires a suitable theoretical foundation that can address the problem of marginalization and subjugation arising from various forms of oppression, such as sexism, racism, classism, and others. Many thinkers and societies have appealed to contractarianism, a theory that has been widely regarded as a doctrine of egalitarianism by some political theorists for about five centuries. Despite its numerous criticisms, the social contract still enjoys a prominent status as a key theory for egalitarian justice. However, Pateman and Mills have contended that the contractarian approach legitimizes gender and racial inequalities by excluding and marginalizing women and people of color from the original agreement. Therefore, the social contract is incapable of generating or fostering equality. This study proposes postcontractarianism, which is a viable alternative to the social contract. Postcontractarianism argues that the basis for egalitarianism cannot be grounded on agreement but rather on understanding. Postcontractarianism draws on Jorge Nef’s idea of mutual vulnerability and Obiri (an African theory of cosmology) to argue for the imperative of social equality.

Keywords: postcontractarianism, obiri, mutual vulnerability, egalitarianism, the social contract

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Authors: Charles-Olivier Amédée-Manesme, Benoit Faye, Eric Le Fur

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In this paper, the heterogeneity of the Bordeaux Legends 50 wine market price segment is addressed. For this purpose, quantile regression is applied – with market segmentation based on wine bottle price quantile – and the hedonic price of wine attributes is computed for various price segments of the market. The approach is applied to a major privately held data set which consists of approximately 30,000 transactions over the 2003–2014 period. The findings suggest that the relative hedonic prices of several wine attributes differ significantly among deciles. In particular, the elasticity coefficient of the expert ratings shows strong variation among prices. If - as suggested in the literature - expert ratings have a positive influence on wine price on average, they have a clearly decreasing impact over the quantiles. Finally, the lower the wine price, the higher the potential for price appreciation over time. Other variables such as chateaux or vintage are also shown to vary across the distribution of wine prices. While enhancing our understanding of the complex market dynamics that underlie Bordeaux wines’ price, this research provides empirical evidence that the QR approach adequately captures heterogeneity among wine price ranges, which simultaneously applies to wine stock, vintage and auctions’ house.

Keywords: hedonics, market segmentation, quantile regression, heterogeneity, wine economics

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Authors: Bel Abed Ines Mariem

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Different stock markets keep changing their exchange structure for the only purpose of improving the functioning of their markets. This paper investigates the effects of the transfer from one trading category to another in the Tunisian Stock Exchange on market price and liquidity. The sample consists of 40 securities transferred from call auction to continuous auction and conversely during the period between 2004 and 2013. The methodology used is the event study. Empirical results show an interesting phenomenon observed; stocks transferred to the call system have experienced an improvement on their price and liquidity especially for less liquid ones. However, price and liquidity for stocks transferred from call system to continuous system have decreased.

Keywords: microstructure, call auction, continuous auction, price, liquidity and event study

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Authors: David Gibbs-Kneller

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Only parties to a contract can enforce it. This is the privity of the contract. Carriage contracts frequently involve intermediated relationships. While the carrier and cargo-owner will agree on a contract for carriage, there is no privity or consideration between the cargo-owner and third parties. To overcome this, the contract utilizes ‘bailment on terms’ or the rule in Morris. Morris v C W Martin & Sons Ltd is authority for the following: A sub-bailee and bailor may rely on terms of a bailment where the bailor has consented to sub-bailment “on terms”. Bailment on terms can play a significant part in making litigation decisions and determining liability. It is used in standard form contracts and courts have also strived to find consent to bailment on terms in agreements so as to avoid the consequences of privity of contract. However, what this paper exposes is the false legal basis for this model. Lord Denning gave an account adumbrated of the law of bailments to justify the rule in Morris. What Lord Denning was really doing was objecting to the doctrine of privity. To do so, he wrongly asserted there was a lacuna in law that meant third parties could not avail themselves upon terms of a contract. Next, he provided a false analogy between purely contractual rights and possessory liens. Finally, he gave accounts of authorities to say they supported the rule in Morris when they did not. Surprisingly, subsequent case law on the point has not properly engaged with this reasoning. The Pioneer Container held that since the rule in Morris lay in bailments, the decision is not dependent on the doctrine of privity. Yet the basis for this statement was Morris. Once these reasons have been discounted, all bailment on terms rests on is the claim that the law of bailments is an independent source of law. Bailment on terms should not be retained, for it is contrary to established principles in the law of property, tort, and contract. That undermines the certainty of those principles by risking their collapse because there is nothing that keeps bailment on terms within the confines of bailments only. As such, bailment on terms is not good law and should not be used in standard form contracts or by the courts as a means of determining liability. If bailment on terms is a pragmatic rule to retain, it is recommended that rules governing carriage contracts should be amended.

Keywords: bailment, carriage of goods, contract law, privity

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Authors: Li Li, Kai-Hsuan Chu

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It is well known that the real estate price depends on a lot of factors. Each house current value is dependent on the location, room number, transportation, living convenience, year and surrounding environments. Although, there are different experienced models for housing agent to estimate the price, it is a case by case study without overall dynamic variation investigation. However, many economic parameters may more or less influence the real estate price variation. Here, the influences of most macroeconomic parameters on real estate price are investigated individually based on least-square scheme and grey correlation strategy. Then those parameters are classified into leading indices, simultaneous indices and laggard indices. In addition, the leading time period is evaluated based on least square method. The important leading and simultaneous indices can be used to establish an artificial intelligent neural network model for real estate price variation prediction. The real estate price variation of Taipei, Taiwan during 2005 ~ 2017 are chosen for this research data analysis and validation. The results show that the proposed method has reasonable prediction function for real estate business reference.

Keywords: real estate price, least-square, grey correlation, macroeconomics

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Authors: S. K. Ashiquer Rahman

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Recently, oil has become more influential in almost every economic sector as a key material. As can be seen from the news, when there are some changes in an oil price or OPEC announces a new strategy, its effect spreads to every part of the economy directly and indirectly. That’s a reason why people always observe the oil price and try to forecast the changes of it. The most important factor affecting the price is its supply which is determined by the number of wildcats drilled. Therefore, a study about the number of wellheads and other economic variables may give us some understanding of the mechanism indicated by the amount of oil supplies. In this paper, we will consider a relationship between the number of wellheads and three key factors: the price of the wellhead, domestic output, and GNP constant dollars. We also add trend variables in the models because the consumption of oil varies from time to time. Moreover, this paper will use an econometrics method to estimate parameters in the model, apply some tests to verify the result we acquire, and then conclude the model.

Keywords: price, domestic output, GNP, trend variable, wildcat activity

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Authors: Boulis M. Ibrahim, Iordanis A. Kalaitzoglou

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A micro structural pricing model is proposed in which price components account for learning by incorporating changing expectations of the trading intensity and the risk level of incoming trades. An analysis of European carbon futures transactions finds expected trading intensity to increase the information component and decrease the liquidity component of price changes, but at different rates. Among the results, the expected persistence in trading intensity explains the majority of the auto correlations in the level and the conditional volatility of price changes, helps predict hourly patterns in the bid–ask spread and differentiates between the impact of buy versus sell and continuing versus reversing trades.

Keywords: CO2 emission allowances, market microstructure, duration, price discovery

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Authors: Niloofar Ashktorab, Negar Ashktorab

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Oil exports fund nearly half of Iran’s government expenditures, since many years other countries have been imposed different sanctions against Iran. Sanctions that primarily target Iran’s key energy sector have harmed Iran’s economy. The strategic effects of sanctions might be reduction as Iran adjusts to them economically. In this study, we evaluate the impact of oil price and sanctions against Iran on food commodity prices by using panel data method. Here, we find that the food commodity prices, the oil price and real exchange rate are stationary. The results show positive effect of oil price changes, real exchange rate and sanctions on food commodity prices.

Keywords: oil price, food basket, sanctions, panel data, Iran

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Authors: Ernawati Mustafa Kamal, Hasnanywati Hassan, Atasya Osmadi

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The housing industry is crucial for sustainable development of every country. Housing is a basic need that can enhance the quality of life. Owning a house is therefore the main aim of individuals. However, affordability has become a critical issue towards homeownership. In recent years, housing price in the main cities has increased tremendously to unaffordable level. This paper investigates factors influencing the housing price from developer’s perspective and provides recommendation on strategies to tackle this issue. Online and face-to-face survey was conducted on housing developers operating in Penang, Malaysia. The results indicate that (1) location; (2) macroeconomics factor; (3) demographic factors; (4) land/zoning and; (5) industry factors are the main factors influencing the housing price. This paper contributes towards better understanding on developers’ view on how the housing price is determined and form a basis for government to help tackle the housing affordability issue.

Keywords: factors influence, house price, housing developers, Malaysia

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Authors: Marwa Zein

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The long-term of the contract is one of the major features that distinguish international trade and investment contracts from other internal contracts. This is due to the nature of the contract and the huge works required to be performed from one hand or the desire of the parties to achieve stability in their transactions. However, long-term contracts might expose them to certain events and circumstances that impact the capability of the parties to execute their obligations pursuant to these contracts. During the year 2016, the Egyptian government has taken series of economic decisions which greatly impacted the economic and investment environment. Consequently, many contracts have encountered many problems in their execution due to such changes that greatly influence the performance of their obligation, a matter that necessitated the renegotiation of the conditions of these contracts on the basis of the unpredicted changes that could be listed under the Force Majeure Clause. The principle of fair and equitable treatment in investment placed on an obligation on the Egyptian government to consider the renegotiation of contract clauses based on the new conditions. This paper will discuss the idea of renegotiating international trade and investment contracts in Egypt with reference to the changes the economic environment has witnessed lately.

Keywords: change of circumstances, international contracts, investment contracts, renegotiation

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Authors: Alireza Naserpoor

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Derivatives are the most important innovation which has happened in the past decades. When it comes to financial markets, it has changed the whole way of operations of stock, commodities and currency market. Beside a lot of advantages, Conventional derivatives contracts have some disadvantages too. Some problems have been caused by derivatives contain raising Volatility, increasing Bankruptcies and causing financial crises. Standard Parallel Salam contract as an Islamic financial product meanwhile is a financing instrument can be used for risk management by investors. Standard Parallel Salam is a Shari’ah-Compliant contract. Furthermore, it is an alternative to conventional derivatives. Despite the fact that the unstructured types of that, has been used in several Islamic countries, This contract as a structured and standard financial instrument introduced in Iran Mercantile Exchange in 2014. In this paper after introducing parallel Salam, we intend to examine a collection of international experience and local measure regarding launching standard parallel Salam contract and proceed to describe standard scenarios for trading this instrument and practical experience in Iran Mercantile Exchange about this instrument. Afterwards, we make a comparison between SPS and Futures contracts as a conventional derivative. Standard parallel salam contract as an Islamic financial product, can be used for risk management by investors. SPS is a Shariah-Compliant contract. Furthermore it is an alternative to conventional derivatives. This contract as a structured and standard financial instrument introduced in Iran Mercantile Exchange in 2014. despite the fact that the unstructured types of that, has been used in several Islamic countries. In this article after introducing parallel salam, we intend to examine a collection of international experience and local measure regarding launching standard parallel salam contract and proceed to describe standard scenarios for trading this instrument containing two main approaches in SPS using, And practical experience in IME about this instrument Afterwards, a comparison between SPS and Futures contracts as a conventional derivatives.

Keywords: futures contracts, hedging, shari’ah compliant instruments, standard parallel salam

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Authors: Jingxian An, Wei Yu

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The commercial value (retail price) of wine is mostly determined by the wine quality, ageing potential, and oak influence. This paper reveals that wine quality, ageing potential, and oak influence are favourably correlated, hence positively influencing the commercial value of Pinot noir wines. Oak influence is the most influential of these three sensory attributes on the price set by wine traders and estimated by experienced customers. In the meanwhile, this study gives winemakers with chemical instructions for raising total phenolics, which can improve wine quality, ageing potential, and oak influence, all of which can increase a wine’s economic worth.

Keywords: retail price, ageing potential, wine quality, oak influence

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Authors: Adel Almasarwah

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This study investigates the nature of association between profit warnings and stock price informativeness in the context of Jordan as an emerging country. The analysis is based on the response of stock price synchronicity to profit warnings percentages that have been published in Jordanian firms throughout the period spanning 2005–2016 in the Amman Stock Exchange. The standard of profit warnings indicators have related negatively to stock price synchronicity in Jordanian firms, meaning that firms with a high portion of profit warnings integrate with more firm-specific information into stock price. Robust regression was used rather than OLS as a parametric test to overcome the variances inflation factor (VIF) and heteroscedasticity issues recognised as having occurred during running the OLS regression; this enabled us to obtained stronger results that fall in line with our prediction that higher profit warning encourages firm investors to collect and process more firm-specific information than common market information.

Keywords: Profit Warnings, Jordanian Firms, Stock Price Informativeness, Synchronicity

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Authors: Seung Yeon Son

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Workers (especially, competent personnel) have been recognized as a core contributor to overall organizational effectiveness. Hence, verifying the determinants of turnover intention is one of the most important research issues. This study tested the influence of perceived organizational support and abusive supervision on employee’s turnover intention. In addition, mediating roles of psychological contract and emotional exhaustion were examined. Data from 255 Korean employees supported all hypotheses Implications for research and directions for future research are discussed.

Keywords: abusive supervision, emotional exhaustion, perceived organizational support, psychological contract, turnover intention

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Authors: Jingya You, Yongqiang Chen, Yuanyuan Hua, Wenqian Wang

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Conflict is commonplace in construction projects, and construction projects always involve designing contracts between the owner and the contractor. However, how the contract affects the level of conflict between the owner and the contractor has not been elaborated. The purpose of this paper is to explain the effects of contractual complexity on the level of conflict, including task conflict and relationship conflict, and then to demonstrate the moderating role played by the interdependence between the owner and the contractor. Using data from owners and general contractors in the Chinese construction industry, this research reveals that contractual control will reduce relationship conflict. Contractual coordination will also reduce relationship conflict by the mediating effect of task conflict. Besides, under high joint interdependence, the positive relationship between task conflict and relationship conflict is strengthened, while high interdependence asymmetry has effects on weakening the relationship between task conflict and relationship conflict. The findings provide guidance for contract designers to draft suitable contracts in order to effectively deal with conflict. Additionally, this research implies that project managers should highlight the importance of contract in conflict management.

Keywords: construction projects, contract governance, interdependence, relationship conflict, task conflict

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Authors: Bhaumik Patel, Amit Gotecha

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Commercial centres of different hierarchy and sizes play a vital role in the growth and development of the city. Economic uncertainty and demand for space leads to more urban sprawl and emerging more commercial spaces. The study was focused on the understanding of various indicators affecting the commercial development that can help to solve many issues related to commercial urban development and can guide for future employment growth centre development, Accessibility, Infrastructure, Planning and development regulations and Market forces. The aim of the study was to review characteristics and identifying employment density of Commercial Employment Sub-centres by achieving objectives Understanding various employment sub-centres, Identifying characteristics and deriving behaviour of employment densities and Evaluating and comparing employment sub-centres for the Ahmedabad city. Commercial employment sub-centres one in old city (Kalupur), second in highly developed commercial (C.G.road-Ashram road) and third in the latest developing commercial area (Prahladnagar) were identified by distance from city centre, Land use diversity, Access to Major roads and Public transport, Population density in proximity, Complimentary land uses in proximity and Land price. Commercial activities were categorised into retail, wholesale and service sector and sub categorised into various activities. From the study, Time period of establishment of the unit is a critical parameter for commercial activity, building height, and land-use diversity. Employment diversity is also one parameter for the commercial centre. The old city has retail, wholesale and trading and higher commercial density concerning units and employment both. Prahladnagar area functioned as commercial due to market pressure and developed as more units rather than a requirement. Employment density is higher in the centre of the city, as far as distance increases from city centre employment density and unit density decreases. Characters of influencing employment density and unit density are distance from city centre, development type, establishment time period, building density, unit density, public transport accessibility and road connectivity.

Keywords: commercial employment sub-centres, employment density, employment diversity, unit density

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Authors: Mengxia Jin, Yongqiang Chen, Wenqian Wang, Yu Wang

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The complexity and specificity of construction projects have made common opportunism phenomenon, and contractual governance for opportunism has been a topic of considerable ongoing research. Based on TCE, the research distinguishes control and coordination as different functions of the contract to investigate their complexity separately. And in a nuanced way, the dimensionality of contractual control is examined. Through the analysis of motivation and capability of strong or weak form opportunism, the framework focuses on the relationship between the complexity of above contractual dimensions and different types of opportunistic behavior and attempts to verify the possible explanatory mechanism. The explanatory power of the research model is evaluated in the light of empirical evidence from questionnaires. We collect data from Chinese companies in the construction industry, and the data collection is still in progress. The findings will speak to the debate surrounding the effects of contract complexity on opportunistic behavior. This nuanced research will derive implications for research on the role of contractual mechanisms in dealing with inter-organizational opportunism and offer suggestions for curbing contract parties’ opportunistic behavior in construction projects.

Keywords: contractual complexity, contractual control, contractual coordinatio, opportunistic behavior

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Authors: Deviana Yuanitasari

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The rapid development of world commerce and trade nowadays has created fast-paced demand in every business activities and transactions. That also includes the need for ready to use and practical form of standard contract. For the company or business owner, the use of standard contract is an alternative way to achieve economic goals faster, effectively and efficiently. In the other hand, for the consumer the practice of using standard contract usually unfavorable, because the contract clauses usually have been defined by the company and cannot be individually negotiated. That means consumer cannot influence the substances of the contract clauses. The purpose of this study is to get deeper understanding and analyze the role of Consumer Dispute Settlement Body in the monitoring of standard clause inclusion by businesses and industries within the context of practicing consumer protection law. Furthermore, this study will focus on the procedure of sanction and the effectiveness of the sanction for the business practitioners which disregard the inclusion of the prohibited standard clause. Therefore, this study will depict the law issues and other phenomenon that related with the role of Consumer Dispute Settlement Body in monitoring the inclusion of standard clause and procedure of sanction for the business practitioners that still use exemption clause within Consumer Protection Law System. This study results that BPSK has been assigned to monitor the inclusion of standard clause and settle consumer dispute. At this stage, BPSK role is passive, which means BPSK only takes an action if there are consumer complaints. The procedure of sanction is not part of BPSK tasks, since should there be a violation of standard clause; BPSK can only ask the business practitioners to remove the prohibited clause and not give a sanction. As a result, the procedure of sanction rule for the Standard Clause violation in this context can be considered as ineffective.

Keywords: standard contract, standard clause, consumer protection law, consumer dispute settlement body

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