The direction of media influence: Real-estate news and the stock market

This paper uses a novel identification strategy to test the influence of news media on the stock market. Because the stock market does not impact the media coverage of the housing market, a relationship between real-estate news and shares of companies engaged in the housing market is attributable media influence. I find that the content of reporting exhibits a significant relationship with stock returns, and the amount of news with the number of trades. These relationships exist even after controlling for known risk factors, housing market performance and intra-week correlation. This finding is consistent with the function of the media as a source of information and sentiment in financial markets.

The Hindered Self-Help: Housing Policies, Politics And Poverty In Kolkata, India

The housing dimension in Kolkata has been changing in recent years. Since 1991, the city has initiated housing reform that has taken many forms and manifestations characterized by the reduction in social allocation, cutbacks in public funding and promotion of a real estate culture in close partnership between the state and private actors. There has been increasing concern about the housing condition of the poor in the deserted slums and bustee settlements amidst the evident ‘poor blindness’ in housing and investment policies. Against this background the paper discusses self-help housing in Kolkata. It seeks to answer a simple question – why the concept of self-help has not been recognised as a viable policy option for a city with widespread slums and bustee settlements by visiting the complex urban context of Kolkata set within the city's politics, poverty and policies. The paper concludes that there is a need to recognise the existing structural duality in the city and support self-help housing as a parallel housing approach.

Waterfront retrieved. Buenos Aires’ contrasting leisure experience

The southern waterfront of the city of Buenos Aires has been recovered. Now that more than 20 years have passed since the projects began, we are able to get some perspective on these developments and can confront them with the integral history of this area. The areas of Puerto Madero, Costanera Sur, Reserva Ecológica and Santa María del Plata have distinctive characteristics and these are reflected in urban landscape, architecture and especially through the use of these spaces. Real estate developments cohabit with public space, tourism with local leisure facilities, and the most expensive office floors with local choripan1 stands, all of these in a development in which the state, the municipality, international corporations and real estate companies have collaborated and discussed to produce a hybrid new space for the city.

The Birth of Shakespeare's Birthplace

"There is, indeed, little doubt,” the formidable scholar James Orchard Halliwell-Phillipps confidently explained to the Victorian readers of his Outlines of the Life of Shakespeare, “that the Birth-place did not become one of the incentives for pilgrimage until public attention had been specially directed to it at the time of the Jubilee.” That's broadly true. The earliest reference to the three-gabled, half-timbered house (two houses, originally) on Henley Street in Stratford-upon-Avon as the birthplace of William Shakespeare dates only from the late 1750s, when it was so named in Samuel Winter's town map. During the Stratford Jubilee, which David Garrick organized in 1769, the “small old house,” as the actor's first biographer called it, was fully recognized and promoted as the place where Shakespeare was born. Even so, Halliwell-Phillipps's observation conceals more than it reveals, because there is also little doubt that the dwelling that tradition calls Shakespeare's birthplace did not suddenly acquire that status during the first week of September 1769. The process by which the unremarkable piece of real estate that John Shakespeare purchased sometime in the late sixteenth century was transformed into what Barbara Hodgdon has rightly called the “controlling ideological center” of Shakespeare biography was long, slow, and far from inevitable. That process is the subject of this essay.

The City as Laboratory and the Urban-Rural Divide: the Revival of Private Property and its Limits in Post-Mao China

This paper focuses on the revival of private property and its limits in urban China. It explores the emergence of urban property markets; urban property-holding in relation to the complexity of urban governance; “minor property rights apartments” that form a de facto real estate market and cross over the urban-rural divide; the “grey areas” of blurring legal and administrative boundaries in modern China; and recent changes to the rural land system and the rural-urban divide. The conclusion flags the theme of the city as laboratory with regard to the blurring legal and governmental urban-rural distinction.

The Revival of Private Property and Its Limits in Post-Mao China

This monograph examines the nature and significance of the re-emergence of private property in rapidly changing post-Mao China.

In examining this issue, the study explores a key dichotomy in Chinese law, that is, ‘public versus private’, and examines the manner in which the Chinese define ownership. The study stresses the importance of lack of clarity in the boundaries between the public and the private in property rights.

While there is a limited move towards the recognition of private property in real estate in contemporary China, this analysis also shows that ownership in the law, and ownership as understood and practised socially, often diverge significantly.

From the Qing dynasty reforms of the late nineteenth century onwards, ‘modernist’ law and entrenched social practice have often opposed each other. In contrast to the official, and indeed legal, support for unitary and exclusive property rights, the reality of the property regime has been a fragmentation of property rights. ‘Modern’ conceptions and theories of property rights emerged in the context of nation-building from the late Qing onwards, and unitary and exclusive property rights were considered as ‘badges’ of modernity.

These conceptions and theories served (and still serve) the purposes of control and governance but were, and still are, often resisted in social practice and popular thinking, leading to alienation and conflict. As a result, analysis of the nature and the social and political implications of re-emerging private property rights provides important insights for our understanding of the changing nature of modern China.