Conserving the heritage spaces of Kuala Lumpur : a case study of the old Market Square (Medan Pasar)

Being one of the new Asian mega-cities today, the origins of Kuala Lumpur started as early as 1850s at the confluence between two rivers; Gombak and Klang. The history of Kuala Lumpur changed when tin was discovered in Ampang in I 857. To cater for the need of residents and miners, a small trading post was constructed at the confluence between these two rivers. This business activity expanded eastwards to the Klang River resulting in one of the busiest business centres in Kuala Lumpur. Shophouses were erected and streets formed. These rows of shophouses and streets, with the river located to the west, created a rectangular space, known as the Old Market Square (Medan Pasar) which later became the main focal point of Kuala Lumpur. Today, even though the native senlements, chaotic sheds and huts have totally disappeared, some of the original shophouses, streets and even spaces still exist. However, they are struggling to survive and to maintain their authenticity due to pressures of nearby developments. This article considers the status of the Old Market Square in regard to its historical evolution and its position in contemporary heritage legislation and policy.

Unlawful acts, unkind architecture and unhelpful perceptions: a case study of Market Square Mall, Geelong

On a quiet Sunday afternoon in January 2015, a 12 year old girl was assaulted in Geelong’s Market Square mall. The attack sparked a media furore over what should be done to address the ongoing safety and amenity issues of this intractable public space. The city’s mayor, Cr Darryn Lyons, responded to the situation by declaring the mall a ‘haunt for bogans and scumbags’ and renewed calls for its demolition. Such rhetoric highlights the exclusionary mindset that casts certain types of people as undesirable inhabitants of public spaces. It also bolsters negative public perceptions of the mall. Once formed, such attitudes are difficult to shift, despite an overall improvement in the area’s crime rates over recent years. Poor perceptions are further reinforced by the soulless nature of the mall’s built fabric and weak urban interfaces. Its formal language is one of hostility, not only towards would-be delinquents, but to all people. The space is furnished with cold stainless steel seats, CCTV cameras and limp, pavement water spouts, while its inactive edges consist of loading bays, security grilles and neglected facades. This paper considers how a more inclusive architecture might be utilised to create a kinder, more generous physical environment that reflects the public nature of the space. While not a quick fix, fostering an architecture that encourages a more equitable use of the mall may diminish the sense of fear, anxiety and suspicion that the space currently elicits, tackling the problem at both a structural and social level.

The misanthropes, larrikins and mallrats of market square: an enduring public space dilemma in central Geelong

Market Square was a public reserve located in the centre of the Victorian regional city of Geelong. It was established by Governor Sir George Gipps during the initial surveying of the area in 1838. The square later became a produce market, before being progressively built upon for public and commercial purposes. Today, the modern Market Square Shopping Centre occupies a substantial portion of the original site. Opened in 1985 by the City of Geelong, the complex initially drew high rental incomes for the Council. However, by the early 1990s revenue began to decline after the collapse of the Pyramid Building Society and competition from the new Bay City Plaza shopping centre (now Westfield) that was built directly opposite. In 1993 the city council decided to sell the complex. Today it remains privately owned and while it adjoins the Little Malop Street Mall which was also part of the original public square, its connection with the surrounding urban environment is poor. The introverted architectural nature of Geelong’s two large retail shopping complexes has significantly altered the city’s spatial dynamic. The traditional intimate urban structure and streetscape has been fragmented. This has led to a deterioration of the city’s social cohesion, sense of place and economic prosperity. This paper chronicles the myriad errors of judgement by the institution of local government that have contributed to this situation. Heeding past mistakes, it explores ways in which the Council might work with private landowners to improve the permeability of the city’s public urban spaces and internalised retail centres for improved use, integration, functionality and resilience. Achieving a shared culture of concern for the city’s urban fabric presents some significant challenges. How might ‘big box’ shopping centres be reconsidered to make a positive contribution to the city’s urban spatial network while remaining commercially viable? The built environment has an important role to play in addressing the problem by presenting opportunities for these new urban institutions to also benefit from stronger connections between the public and private realm.

Intraday periodicity and long memory volatility processes in the Korean bond futures market

This article examines long memory volatility processes in the 5 minute Korean Treasury bond futures data using two different techniques: the GPH test and the EML test. Two proxies of volatility returns are used: absolute returns and square returns. We found intraday periodicity and autocorrelation persistence in the volatility for the 5 minute returns. The empirical results from both techniques indicate that there is little evidence of long memory in the level of returns, but there is significant evidence of long memory in the absolute returns and the square returns. This implies that volatility is best characterised by long memory processes. Additionally, we found that the absolute returns are the most appropriate indicator to represent the long memory volatility processes.

Perks and the informativeness of stock prices in the Chinese market

While the literature shows that perks can affect firm values positively or negatively, we argue that firms with higher perks are more likely to be associated with a lower quality of financial reporting, which, in turn, can affect the informativeness of stock prices. Based on hand-collected data on perks from Chinese listed firms, we find that firms with lower perks are associated with higher informativeness of stock prices (or lower R-square). Moreover, the positive association between perks and R-square is shown to be weaker for firms with higher financial reporting quality through audit and earnings quality measures.