Although, there are numerous empirical studies that explore option pricing on vacant land, there is hardly such study based on a South African case study. Moreover, phenomena observed in certain countries are not alwa...Although, there are numerous empirical studies that explore option pricing on vacant land, there is hardly such study based on a South African case study. Moreover, phenomena observed in certain countries are not always prevalent due to different economic circumstances. This case study explores option value emerging on vacant land due to office building in the Northern Suburbs of Johannesburg, South Africa （ZA） because land value ＂increased＂ in ＂price＂. Since late 1990s, Northern Suburbs are one of the most expensive areas of Johannesburg. Samuelson-McKean （1965） model is used to calculate option value on vacant land （Geltner ＆ Miller, 2001） and the model is used to estimate option values, first, when there are no costs, then when total costs are taken into account and lastly, when improvements are taken into account. The results are synonymous with option pricing theory （OPT） in sense that costs and land improvements increase option value; however, the impact of fixed costs on option value is debatable as fixed costs lead to an increase in option value while according to OPT they should not as fixed costs could easily be ＂hedged＂.展开更多
Optionality,defined as the coexistence of two or more variants of a given construction,has been investigated in second language studies.Following the notion of optionality,this study defines the Mandarin ba-constructi...Optionality,defined as the coexistence of two or more variants of a given construction,has been investigated in second language studies.Following the notion of optionality,this study defines the Mandarin ba-construction and its corresponding non-ba-forms as optional variants to examine Cantonese-speaking learners’acquisition of Mandarin.We designed an elicited production task and an acceptability judgement task to test the disposal and locational displacement types of the ba-construction,and invited Cantonese learners and Mandarin native speakers to attend the experiments.The Cantonese learners,like learners with other language backgrounds,produced fewer ba-sentences compared with native speakers,but the Cantonese learners produced much more ba-sentences than learners with other language backgrounds and were aware of the constraints on the ba-construction,which is probably due to the existence of the similar zoeng-construction in Cantonese.Although at an advanced level,the performance of the Cantonese learners diverged from that of the native speakers in both the production and the judgement,which demonstrates the existence of optionality in the Cantonese learners’interlanguage grammars.展开更多
文摘Although, there are numerous empirical studies that explore option pricing on vacant land, there is hardly such study based on a South African case study. Moreover, phenomena observed in certain countries are not always prevalent due to different economic circumstances. This case study explores option value emerging on vacant land due to office building in the Northern Suburbs of Johannesburg, South Africa （ZA） because land value ＂increased＂ in ＂price＂. Since late 1990s, Northern Suburbs are one of the most expensive areas of Johannesburg. Samuelson-McKean （1965） model is used to calculate option value on vacant land （Geltner ＆ Miller, 2001） and the model is used to estimate option values, first, when there are no costs, then when total costs are taken into account and lastly, when improvements are taken into account. The results are synonymous with option pricing theory （OPT） in sense that costs and land improvements increase option value; however, the impact of fixed costs on option value is debatable as fixed costs lead to an increase in option value while according to OPT they should not as fixed costs could easily be ＂hedged＂.
基金The author would like to acknowledge the input from Scholastica Lam.We thank Liu Shihui,Ma Chencui,Wang Can,Wang Qin and Zhou Xuemei for their help with the stimuli,Wang Yaxue for her support with the experiments,Du Yanli for her contribution to the data annotation,and all the informants for their participation in this study.We are also deeply indebted to the editorial office and the anonymous reviewers for their insightful suggestions which have significantly improved the quality of this paper.
文摘Optionality,defined as the coexistence of two or more variants of a given construction,has been investigated in second language studies.Following the notion of optionality,this study defines the Mandarin ba-construction and its corresponding non-ba-forms as optional variants to examine Cantonese-speaking learners’acquisition of Mandarin.We designed an elicited production task and an acceptability judgement task to test the disposal and locational displacement types of the ba-construction,and invited Cantonese learners and Mandarin native speakers to attend the experiments.The Cantonese learners,like learners with other language backgrounds,produced fewer ba-sentences compared with native speakers,but the Cantonese learners produced much more ba-sentences than learners with other language backgrounds and were aware of the constraints on the ba-construction,which is probably due to the existence of the similar zoeng-construction in Cantonese.Although at an advanced level,the performance of the Cantonese learners diverged from that of the native speakers in both the production and the judgement,which demonstrates the existence of optionality in the Cantonese learners’interlanguage grammars.
