23 thg 2, 2012

New luxury residential building announced in Ha Noi

VNRE - Tan Hoang Minh Group and Ha Noi Housing Management and Development Company unveiled plans for a luxury residential complex on Ha Noi's Nguyen Van Huyen Street in Cau Giay District.

The VND4 trillion building will cover a ground area of 4,800 sq.m. Prices are estimated to reach VND100 million (US$5,000) per sq.m.

The D'Palais de Louis will be 27 storeys tall with an additional four floors underground. It will offer 242 residential apartments ranging from 120-260 sq.m.

Tan Hoang Minh said the building, which will have two swimming pools and two service centres in the lobby, would be completed and available for sales by 2014.

Source: VNS

22 thg 2, 2012

Hanoi: Le Pont D’or Luxury Apartment

VNRE - Location: Hoang Cau Street, Dong Da District, Hanoi Capital
Gross Floor Area: 50,596 m2
Architecture design: Heerim-PVC International Design JSC
Investor: Tan Hoang Minh Corporation













Source: Heerim-PVC

Housing Development: Quick, Strong and Synchronous Solutions Needed

VNRE The situation of the Vietnam real estate market is unpredictable and most people cannot afford to buy. According to statistics, for the last twenty years, land prices have risen by over 100 times, which makes a house price 25 times the average annual income, 5 times higher than in developed countries and 10 times higher than in under-developed countries. Consequently, the housing demand of low-income people becomes more and more difficult to satisfy.


Pushing up the development of social houses

According to the housing data of the Ministry of Construction in 2009, there were 4,750 homeless people in the city and 7,987 in rural areas. Furthermore, the family and housing survey data of the General Statistics Office also revealed that there were about 1.6 million temporary accommodations, 0.5 million flats of less than 15 sq.m in the city and 1.5 million temporary houses in rural areas.

Additionally, the Ministry of Construction also stated that the 5.8 million low-income people in urban areas needed approximately 70 million sq.m of housing; by 2020, it is estimated that these figures would grow to 6.5 million of people and 117 million sq.m of housing. So, the housing demand of low-income people is truly real. However, not all of them can afford an apartment with their current net income.

In Vietnam, house prices seem to have no relation with average incomes, according to many observers and experts. In accordance with Prof Dr Dang Hung Vo, Deputy Minister of of Natural Resources and Environment, for a long time, real estate project investors have been misled by speculators, so they tended to invest in luxurious real estate projects with the expectation of high profit.

A simple calculation shows that in order to buy an apartment, an average employee would have to save 30 percent of their income for 75 years. As a result, most employees can only start to think of owing an apartment when they get old.

Right after the new lunar year, Mr Trinh Dinh Dung, Minister of Construction, delivered a message of hope for the poor. He said that social housing needed to be developed despite economic difficulties in 2012 and the following years.

The Ministry and construction sector hope that the plan for housing development will be approved by authorities, enterprises and the public. In comparison with private real estate projects, developing social houses and houses for the poor is much more difficult.

The Ministry of Construction will make every effort, completing committed tasks and applying policies to make social housing more widely available and to satisfy people who need dwellings.

State support needed

Regarding the national housing development strategy to 2020 and a vision to 2030, many experts said that the strategy was standing stably on two feet: by the market for wealthy people and by the State’s support for the poor. It has brought hopes of home ownership to low income people and the poor.

The State has policies pushing the housing market, and at the same time expands house supporting policies for socially preferential projects, low income people and poor people who have difficulty getting housing. The policies help stabilise politics, ensure social security and contribute to the modernization of both urban and rural areas.

The strategy has built up very detailed targets for the next 5 years: striving to build at least 10 million sq.m of social houses, including houses for low income people in urban areas; supporting about 400 thousand poor families in rural areas to improve their housing, reducing the ratio of slum housing to under 5 percent; and raising the number of houses for rent to 20 percent of total housing stock, to serve low income people.

For the next 5 years, it aims to build 12.5 million sq.m of social housing in urban areas and to support 500,000 rural poor people to improve their houses, ending slum housing; and will ensure that the ratio of houses for rent will reach at least 30 percent of housing stock.

According to Prof Dr Dang Hung Vo, the program will make the home ownership dream of low income and poor people become reality sooner.

Minister Trinh Dinh Dung noted that housing development is a long term strategy which cannot be completed in just one day. For example, building a house takes at least several months or even years. It is generally difficult to have something completed in just one year. However, people have the right to believe in the housing development targets of the strategy. According to the strategy, real estate investors have to not only develop commercial houses, but also focus on social housing. Investors are bound to get involved, not because of administrative obligations, but because of economic relations.

Reported by Luong Tuan | VCCI News

21 thg 2, 2012

Work starts on Vuon Tung Clubhouse


VNRE- On February 7th 2012, in very first days of the new Lunar New Year, Vihajico has officially started the construction of Vuon Tung Clubhouse. Built on a one-hectare area, this will be the recreational center for the entire Vuon Tung community. The project will include the construction of two swimming pools (one for children and the other for adults), 2 tennis courts, 3 badminton courts, outdoor event center, restaurants, Jacuzzi, sauna, park, etc... After completion, it will serve the recreational demand of Vuon Tung community in particular, and the entire Ecopark community as a whole. The project is expected to be completed in July 2012 to welcome Vuon Tung‘s first inhabitants, after only 5 months of construction.

This event, together with other works which have continued from early days of the spring, is a demonstration for the developer’s efforts and commitment to ensure its promises on constructional rate of progress to customers. The lively working environment has given a beautiful characteristic to the spring in Ecopark.



Source: Vihajico

20 thg 2, 2012

Output gap


Tôi có viết vài entry về output gap/potential GDP trước đây và đã giới thiệu một số phương pháp tính (tham khảo thêm bài này của Mark Thoma). Tuần vừa rồi giới blogger lại rộ lên về vấn đề này sau một bài phát biểu của James Bullard, giám đốc Fed St Louis. Bullard hiện là thành viên của FOMC, hội đồng quyết định lãi suất của Fed, và vẫn được cho là hawkish so với các thành viên khác (muốn tăng lãi suất).

Để quyết định lãi suất các nhà kinh tế của Fed sử dụng Taylor's rule, một hàm số liên hệ giữa lãi suất với lạm phát và output gap. Đa số các nhà kinh tế đều cho rằng hiện tại output gap của Mỹ đang âm rất lớn, không dưới 5%. Do đó theo Taylor's rule lãi suất danh nghĩa đúng ra phải âm nên FOMC giữ lãi suất gần zero là có cơ sở. Phản bác lại lập luận này, Bullard cho rằng output gap hiện tại không (âm) lớn như nhiều người ước tính mà có lẽ đã gần zero, do đó có cơ sở để FOMC tăng lãi suất. Theo Bullard, các ước tính khác sai vì potential GDP sau khi khủng hoảng đã thấp hơn so với các tính toán trước đây (output gap = actual GDP - potential GDP).

Sở dĩ potential GDP của Mỹ sau khủng hoảng giảm vì khi giá nhà đất giảm và không phục hồi lại được, một lượng của cải lớn đã biến mất, do đó năng lực sản xuất của nền kinh tế bị ảnh hưởng. Lập luận này ngay lập tức bị "ném đá" tơi bời bởi phe "salt water" (Krugman, Matt Yglesias, Karl SmithTim Duy, Scott Sumner) trong khi phe "fresh water" (David Andolfatto, Stephen Williamson, Tyler Cowen) lên tiếng bảo vệ nhưng khá yếu. Bullard, từng theo học kinh tế tại Minnesota và Indiana University, hiện đang là adjunct faculty của Washington University at St Louis, vẫn được cho là thành viên của phe fresh water.

Trong những phản biện của phe salt water, bài của Tim Duy rõ ràng nhất (nên đọc này, bài của Krugman khá nasty, có ý chê bai bằng PhD của Bullard). Trong đó Tim Duy cho rằng Bullard sai lầm vì wealth effect chỉ ảnh hưởng đến demand side chứ không có tác động trực tiếp lên supply side, nghĩa là potential GDP không bị ảnh hưởng gì. Demand side là lãnh địa của trường phái Keynesian (một bộ phận của salt water), bởi vậy khá ngạc nhiên Bullard đi lạc vào đây trong khi từ trước tới giờ phe fresh water vẫn chê bai các chính sách demand management của giới Keynesian. Quan trọng hơn Tim Duy chỉ ra rằng mặc dù Bullard chỉ trích ước lượng potential output của Congressional Budget Office (CBO) nhưng dường như Bullard không hiểu mô hình và cách tính của CBO. Trên thực tế CBO dựa vào mô hình Solow's growth model để ước lượng potential GDP, một mô hình thuộc lại neo-classical.

Để chữa cháy, Bullard gửi một bức thư trả lời Tim Duy (đến bao giờ mới có một quan chức VN viết thư trả lời blogger hay nhà báo nhỉ?) trích dẫn nghiên cứu của Susanto Basu và John Fernald, trong đó 2 tác giả này chỉ trích các mô hình "one-sector" như Solow's growth model nói riêng và các ước lượng potential output nói chung. Nếu dùng mô hình để ước lượng output gap, họ cho rằng cần sử dụng một mô hình general equilibrium vd một DSGE dựa trên New Keynesian models. Trong bài trả lời này Bullard dường như nhận ra sai lầm của mình trong bài phát biểu trước nên đã chuyển sang một lập luận khác cho rằng nền kinh tế Mỹ trước khủng hoảng vận hành above trend, nghĩa là có output gap dương (Andolfatto bảo vệ Bullard theo hướng này). Do đó những ước lượng potential output dựa vào số liệu lịch sử sẽ bị upward bias.

Tim Duy không buông tha, cho rằng lập luận này vẫn ẩn chứa demand side và như vậy không thuyết phục. Krugman cũng vậy, căn vặn nếu housing bubble làm nền kinh tế overheated thì tại sao lạm phát vẫn thấp. Đến nước này Bullard phải chơi bài "im lặng là thượng sách" :-)


[Bonus: Không biết tình cờ hay cố ý, Barclay cũng cáo buộc ước lượng của CBO bị inflated với lập luận giống hệt như Bullard. Karl Smith viện dẫn Barro bác bỏ lập luận này.]


18 thg 2, 2012

Are You Twitter Listing?

By now, you're likely tweeting away! Whether you're a twitter newbie or a veteran, Twitter lists will prove to be most helpful, especially as you grow the number of people you follow on Twitter.
Someone recently asked me how I seem to find goodness-filled tweets when I'm following 4,000 people. My answer: Twitter lists.

Thank goodness, I had enough insight when I was new on Twitter to create and use Twitter lists. Sure, it was somewhere between follower 1 and follower 1,000 that I realized how essential the lists would prove to be.  Yep, there were a few long days where I had to back-track and list each person I was following so that my streams were super-organized. 

Example: Out of 4,000 people, nearly 500 are Charleston marketing and public relations professionals.  And I have them all in their very own list.  That means at any time of the day or night, I can jump over to that list (on my computer OR phone) and see what's going on with these talented peeps.

Same goes for artists...I have close to 200 artists whom all took "Flying Lessons" with Kelly Rae Roberts in their own organized list.

Twitter gives you up to 20 lists of your very own.  Think about how your followers break down (do you tend to follow authors, inspirational folks, house and home peeps, jewelry makers, mommy bloggers, tech bloggers, etc?) - make lists and start listing! And if you're late to the list party? Trust me, it's worth adopting lists today, and even going back to list your tweeps.

Need a tutorial on how to create a Twitter list? I'm reposting a link to this updated tutorial, previously shared on this blog but still very handy.

Are we following each other? Tweet me @lauracatherineo and tell me you read this post.  I'd love to meet you!

Enjoy!

Laura is a marketing professional and blogger who has been active in social media since 2005.  If you enjoyed this post, please consider subscribing to this blog
via Email or  RSS. Laura can also be found on Twitter (@LauraCatherineO), Facebook, and LinkedIn.
 

17 thg 2, 2012

Personality and Attitudes




Personality and attitudes represent important micro, cognitively oriented variables in the study of organizational behavior.

Personality - Introduction

Personality represents the "whole person" concept. It includes perception, learning, motivation, and more. According to this definition, people's external appearance and traits, their inner awareness of self, and their person-situation interaction make up their personalities.
In personality theory, different approaches have been tried. The historically important ones include trait theory (observable patterns of behavior that recur frequently), Freud's psychoanalytic or psychodynamic theory (in which personality is shaped by unconscious determinants of behavior), and Carl Rogers and Abraham Maslow's humanistic theory (Every person strives to realize one's potential).
Although the nature versus nurture debate in shaping personality continues, the findings of twin studies of the importance that heredity may play in personality and recent breakthroughs in neuropsychology that points to the importance of the brain in personality have led most psychologists to recognize both nature and nurture. However, the nurture side still dominates.
In personality theory, the study of relatively fixed predispositions has resurfaced in the form of the "Big Five" personality traits. Conscientiousness, emotional stability, agreeableness, extraversion, and openness to experience have been found to significantly relate to job performance, especially conscientiousness. In addition, the Myers-Briggs Type Indicator (MBTI) remains a popular tool for personal and career development. Whereas the Big Five is based on research, the MBTI is based on the historically important Carl Jung theory of personality types and mental processes. Both the Big Five and MBTI if carefully interpreted and used can make a contribution to the understanding and application of organizational behavior.

Personality and Related Concepts

 
Luthans has taken the position that personality will mean how people affect others and how they understand and view themselves, as well as their pattern of inner and outer measurable traits and their person-situation interaction behavior.

 
Self-Variables

The self of a person is a unique product of many interacting parts andmay be thought of as the personality viewed by a person within. People's understanding regarding themselves is called self-concept in personality theory. Self-esteem, multiple intellgences, emotion, optimism and efficacy are important self-variables and have application in organizational behavior.

Self-Esteem

 
Self-esteem includes people's self perceived competence and self-image. Is high self esteem good for organization's performance. Kreitner and Kinicki concluded that high self esteem can be good thing only when it is nurtured and channeled in constructive and ethical ways. Otherwise, it can become antisocial and destructive. So behavior managers have a role to play in getting the appropriate performance from high self-esteem individuals.
An elaboration of self esteem in organizational context has emerged. It is called organization-based self esteem (OBSE). It is defined as the self-perceived value that individuals have of themselves as organization members acting within an organization context.
Self esteem is a global trait, meaning it is present interactions of an individual in a similar way.

The Big Five Personality Traits

Researchers have identified 171 personality traits on which persons can be ranked or measured. This 171 trait list was prepared after sufficient effort in reducing the number of traits by identifying similar traits and combining them. From these 171 traits, five core personality traits called the five factor model was found to be of value for use in organizational situations.
These five traits are:
  •     Conscientiousness
  •     Emotional stability
  •     Agreeableness
  •     Extraversion
  •     Openness to experience
To get a high score on these parameters the person must have the following characteristics or behavior.
To get a high score on conscientiousness, the person has to be dependable, hardworking, organized, self-disciplined, persistent and responsible.
To get a high score on emotional stability, the person has to be normally calm, secure, happy and unworried.
To get a high score on agreeableness, the person has to be cooperative, warm, caring, good-natured, courteous and trusting.
To get a high score on openness to experience, the person has to be curious, flexible, creative, imaginative, artistically sensitive, open to other cultures and open to intellectual discussions.

Myers- Briggs Type Indicator (MBTI)

In the 1940s, Katharine Briggs and  Isable Briggs-Myers developed a personality test to measure their preferences on four pairs of traits proposed earlier by Carl Jung in the 1920s.
These four traits are extraversion-introversion, sensing-intuiting, thinking-feeling, and judging-perceiving.
Extraversion and introversion are related to feeling energetic and comfortable. Extraverts are more energetic in groups. Introverts are more energetic and productive alone.
Sensing and intuiting are related to collecting information for solving a problem. People who prefer sensing look into the specifics of situation, want concrete evidence and facts, go into details and are practical persons. People who prefer intuition look into possibilities, are satisfied with general description of the situation, use abstract and theoretical ideas.
Thinking and feeling are related to evaluation of alternatives for decision making. People who prefer thinking are analytical, they follow a set of rules, use their head or brain and are more inclined to judge based on the evidence. Persons who prefer feeling, are more subjective, take circumstances into account and are not so rule bound, they use heart in preference to brain and may show mercy (or vindictiveness in negative manner).
Judging and perceiving are related to the orientation of a person to the outside world. Persons who show the traits of judging are organized, structured, time oriented and decisive people.Persons who show traits of perceiving are seen more as flexible persons who explore things spontaneously and are open ended with behavior.

Socialization

Nurture is socialization. Every new born child is nurtured or socialized by his parents, relatives, neighbors,  friends, teachers, religious priests, his superiors, subordinates etc. Personality development is influenced by socialization.

Application of Various Personality Theories and Concepts in Organization Behavior Theory

Self-esteem is an important variable. If a person has low self-esteem and not confident about his thinking ability, he likely to fear decision making and may not be able to assert himself in interpersonal relations. Research has shown that employees with high self esteem feel unique, competent, secure,  and empowered.

Socialization

Schein has advocated that organizations must have socialization process.
The socialization process helps in changing attitudes, values and behaviors. It ensures continuity and consistency of behavior of various persons of the organization. It will facilitate adjustment to new jobs, work groups and new practices. The early period of socialization of new recruits is a critical period.
The important activities related to socialization process of an organization include:
1. Relevant training
2. Timely and consistent feedback
3. Initial work under good supervisors
4. A orientation program
5. Socialization in high morale work groups.
6. Challenging jobs in the early part of career.
Deliberate and well designed socialization programs do have tremendous potential impact on the personality development of members of an organization within the organization (personality development after they have joined the organization).

Attitude

An attitude can be defined as a persistent tendency to feel and behave in a particular way toward some object.
Attitudes are a complex cognitive variables that have three basic characteristics: they are directed toward an object about which a person has feelings, and beliefs,  they persist unless changed in some way; and they range along a continuum from positive to negative. 
Attitudes have three components: emotional (feelings), informational, and behavioral. Behavior can be observed, but the feelings and belief which give rise to the behavior cannot be observed.
Attitudes, being persistent often help employees adapt to their work environment by providing a way of interpreting things or happenings in the environment. There are four functions that attitudes have in this process: (1) they help people adjust to their environment, (2) they help people defend their self-image, (3) they provide people with a basis for expressing their values, and (4) they help supply standards and frames of reference that allow people to organize and explain the world around them.

Changing Attitudes

Attitudes can be changed.
Bit it is sometimes difficult to change attitudes. There are two important barriers.  One reason is prior commitments. A second is insufficient information on the part of the person having an attitude to be changed.
Research shows that some of the ways of bringing about attitude changes are providing new information, and persuasion by friends or peers, and co-opting. Fear also helps in changing attitudes. There are some instances, where or when an individual may be in stage of forming attitude or belief. Organizations can provide appropriate information and create appropriate situation to develop desirable attitudes at that point of time.
Personality traits or dispositions, such as positive affectivity (PA) and negative affectivity (NA), are important antecedents to attitudes about one's job.
Traditionally the most important attitude studied and given concern in the real world is job satisfaction.

Job Satisfaction

This attitude is defined as a pleasurable or positive emotional state resulting from the appraisal of one's job or job experience. More simply stated, it an attitude toward the job. Does the person has a positive attitude or negative attitude toward job. 
A number of factors influence job satisfaction. Job satisfaction is a combination of attitudes towards factors related to a job.Some of the major ones are the work itself, pay, promotions, supervision, the work group, and working conditions.
There are a number of outcomes of job satisfaction. For example, There is relationship between satisfaction and job performace.  Although the relationship with performance was thought to be relatively weak (0.17), recent research is showing a much stronger relationship. Low job satisfaction tends to lead to both turnover and absenteeism, whereas high job satisfaction often results in fewer on-the-job accidents and work grievances, less time needed to learn new job-related tasks, and less stress.

Efforts to Increase Job Satisfaction

A job satisfaction has positive impact on many desirable outcomes of the organizations, management can take some steps to increase job satisfaction.
Some of the specific guidelines mentioned by Luthans:
  • Make jobs more fun,
  • Ensuring fairness,
  • Get the right fit,
  • Design jobs to make them more exciting and satisfying.

Organizational Commitment Attitude

Closely related to job satisfaction is the organizational commitment attitude. It traditionally refers to the employees' loyalty to the organization. An an attitude, organizational commitment is defined as (1) a strong desire to remain a member of a particular organization; (2) a willingness to exert high levels of effort on behalf of the organization; and (3) a definite belief in, and acceptance of, the values and goals of the organization.
Organizational commitment is determined by a number of personal, organizational, and nonorganizational variables.
Now commitment is generally conceived as having three components:
Affective (emotional attachment),
Continuance (costs of leaving): willingness to stay in the organization due to costs of leaving. 
Normative (obligation to stay): The person feels it obligatory to stay in the organization. 
Like job satisfaction, the organizational commitment attitude is very complex (composed of number of attitudes towards various factors in the organization) and has mixed results with respect to desired outcomes of the organization. But in general, it is thought to have a somewhat stronger relationship with organizational outcomes such as performance, absenteeism, and turnover.
Like satisfaction, organizational commitment can be enhanced.

Organizational Citizenship Behaviors (OCBs) 

Organ defines this concept as "individual behavior that is discretionary, not directly or explicitly recognized by the formal reward syste, and that in the aggregate promotes the effective functioning of the organization." The OCBs can be a personality level concept.
The extra-role, prosocial/organizational citizenship behaviors (OCBs) involve predispositional traits to be cooperative and conscientious. OCBs include  a variety of behaviors, and the major ones are  altruism, conscientiousness, civic virtue, sportsmanship, and courtesy. In an organization perceived as a just organization, more employee display OCBs.
Although there is still some criticism of the conceptualization and research of OCBs, there is growing evidence that OCBs positively relate to individual, group, and organizational performance.
 

References 

Fred Luthans, Organizational Behavior,  McGraw-Hill, 10th Edition, 2005 (Main Text for Revision Articles)

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