Speculators and Middlemen: The Strategy and Performance of Investors in the Housing Market

2020 ◽  
Vol 33 (11) ◽  
pp. 5212-5247 ◽  
Author(s):  
Patrick Bayer ◽  
Christopher Geissler ◽  
Kyle Mangum ◽  
James W Roberts
Keyword(s):  
Los Angeles ◽  
Housing Market ◽  
Capital Stock ◽  
Individual Investors ◽  
Market Prices ◽  
And Performance ◽  
Using Data

Abstract Using data from the Los Angeles area from 1988 to 2012, we study the behavior and sources of returns of individual investors in the housing market. We document the existence of two distinct investor types. The first act as middlemen, purchasing substantially below and reselling above market prices throughout the cycle, improving liquidity and the existing capital stock in the process. The second act as speculators, who primarily enter during the boom, buying and selling at essentially market prices. Neither type anticipated the housing bust. We document similar behavior by speculators and middlemen in 96 other U.S. metro areas.

scholarly journals Family Matters

2016 ◽  
Vol 38 (4) ◽  
pp. 457-479 ◽  
Author(s):  
Lisa Spees ◽  
Krista M. Perreira ◽  
Andrew Fuligni
Keyword(s):  
Academic Success ◽  
Los Angeles ◽  
Educational Aspirations ◽  
Educational Expectations ◽  
Social Identification ◽  
School Environments ◽  
Adaptation Studies ◽  
Academic Adaptation ◽  
And Performance ◽  
Using Data

As primary agents of socialization, families and schools can powerfully shape the academic adaptation of youth. Using data from the Social Identification and Academic Adaptation studies, we compare the family and school environments of Latino high school seniors living in a new destination, North Carolina, with those living in an established destination, Los Angeles. We then evaluate how family and school environments influence their educational aspirations, expectations, and performance. We find that parents’ achievement expectations promote Latino youths’ academic success, while perceived future family obligations inhibit them. Additionally, we find that schools remain essential in promoting Latino immigrant youths’ achievement by providing a supportive and safe learning environment. Discrimination in schools and the broader community is associated with lower educational expectations and aspirations but not lower academic performance.

Determinants of Control System Design in Divisionalized Firms

2004 ◽  
Vol 79 (3) ◽  
pp. 545-570 ◽  
Author(s):  
Margaret A. Abernethy ◽  
Jan Bouwens ◽  
Laurence van Lent
Keyword(s):  
Control System ◽  
System Design ◽  
Performance Measures ◽  
Simultaneous Equation ◽  
Equation Model ◽  
Control System Design ◽  
Information Asymmetries ◽  
Endogenous Variables ◽  
And Performance ◽  
Using Data

We investigate two determinants of two choices in the control system of divisionalized firms, namely decentralization and use of performance measures. The two determinants are those identified in the literature as important to control system design: (1) information asymmetries between corporate and divisional managers and (2) division interdependencies. We treat decentralization and performance measurement choices as endogenous variables and examine the interrelation among these choices using a simultaneous equation model. Using data from 78 divisions, our results indicate that decentralization is positively related to the level of information asymmetries and negatively to intrafirm interdependencies, while the use of performance measures is affected by the level of interdependencies among divisions within the firm, but not by information asymmetries. We find some evidence that decentralization choice and use of performance measures are complementary.

scholarly journals Analysis of Injuries and Pitching Performance Between Major League Baseball and Nippon Professional Baseball: A 2-Team Comparison Between 2015 to 2019

2021 ◽  
Vol 9 (5) ◽  
pp. 232596712110088
Author(s):  
Ryan L. Crotin ◽  
Toshimasa Yanai ◽  
Peter Chalmers ◽  
Kenneth B. Smale ◽  
Brandon J. Erickson ◽  
...  
Keyword(s):  
Los Angeles ◽  
Major League Baseball ◽  
Professional Baseball ◽  
Injury Incidence ◽  
Mechanism Of Injury ◽  
Research Collaborations ◽  
Minor League ◽  
Major League ◽  
Player Game ◽  
And Performance

Background: There has been minimal research investigating injury and pitching performance differences between Major League Baseball (MLB) and other professional leagues. Purpose/Hypothesis: This 2-team comparison between MLB and Japan’s Nippon Professional Baseball (NPB) involved affiliated players over 5 years. We hypothesized that teams would differ in the injury incidence, mechanism of injury, pitch velocity, and pitch type usage. Study Design: Descriptive epidemiology study. Methods: Between 2015 and 2019, pitching data as well as injury statistics for the highest level and minor league affiliates of the Los Angeles Angels (MLB) and the Hiroshima Toyo Carp (NPB) were reviewed for significant differences in the injury prevalence, injury type, mechanism of injury, and days missed. In total, 3781 MLB and 371 NPB injuries were studied. Results: MLB-affiliated players were significantly younger, taller, and heavier ( P < .001) than were NPB-affiliated players. MLB-affiliated pitchers threw faster than did their NPB counterparts ( P = .026). MLB minor league pitchers threw more curveballs than did NPB minor league pitchers ( P = .004), and MLB minor league relief pitchers threw more sliders than did NPB minor league relief pitchers ( P = .02). The MLB team had a 3.7-fold higher incidence of injuries versus the NPB team (0.030 vs 0.008 injuries per player-game, respectively) as well as more repeat injuries, with fewer days missed per injury (15.8 ± 54.7 vs 36.2 ± 55.1 days, respectively; P < .001). The MLB team also had a higher percentage of injuries that were throwing related ( P < .001), were contact related ( P < .001), and occurred outside of competition ( P < .001) compared with the NPB team. Conclusion: This is the first empirical study examining injury trends and pitching characteristics between MLB and NPB athletes. MLB-affiliated pitchers threw faster and relied more on breaking pitches in comparison with NPB-affiliated pitchers. From injury data, MLB players were younger, taller, and heavier with a higher percentage of throwing-related injuries, contact injuries, and injuries sustained outside of competition. Overall, the MLB team indicated a 3.7-fold higher rate of reported injuries with fewer days missed per injury than did the NPB team. Competitive conditions are distinctly different between MLB and NPB, and thus, more extensive research collaborations in the future can identify best practices to advance health and performance for both leagues.

Housing Market Search Behavior and Expected Utility Theory: 1. Measuring Preferences for Housing

1982 ◽  
Vol 14 (5) ◽  
pp. 681-698 ◽  
Author(s):  
T R Smith ◽  
W A V Clark
Keyword(s):  
Los Angeles ◽  
Housing Market ◽  
Expected Utility ◽  
Utility Theory ◽  
House Price ◽  
Expected Utility Theory ◽  
Utility Functions ◽  
Future Search ◽  
Space Construction ◽  
Market Search

This is the first of two papers examining housing market search in a Los Angeles market. In this paper, we derive and analyze utility functions for housing for each individual in two groups of subjects. The utility functions are derived from an experimental setting, in which house price, floor space, construction quality, and neighborhood quality are varied. The functions are found to be essentially compatible with a linear model. They are used to predict the ratings of real houses and the ratings of the expected value of future search. These ratings are compared with actual ratings obtained from subjects during search. The results suggest that the actual or predicted ratings may be employed in a direct test of a simple expected utility theory of search, and further research along these lines appears justified.

Capacity Planning for Cluster Tools of Wafer Fabrication Plant

2010 ◽  
Vol 450 ◽  
pp. 365-368
Author(s):  
James C. Chen ◽  
Chia Wen Chen ◽  
Kou Huang Chen ◽  
Chien Hsin Lin
Keyword(s):  
Capacity Planning ◽  
Production Costs ◽  
Wafer Fabrication ◽  
Total Production ◽  
Output Rate ◽  
Cluster Tools ◽  
And Performance ◽  
Using Data ◽  
Capital Intensive

Wafer fabrication is a capital intensive industry. A 12-inch wafer fabrication plant needs a typical investment of US$ 3 billion, and the equipment cost constitutes about two-thirds to three-quarters of the total production costs. Therefore, capacity planning is crucial to the investment and performance of wafer fabrication plants. Several formulae are presented to calculate the required number of machines with sequential, parallel, and batch processing characteristics, respectively. An AutoSched AP simulation model using data from real foundry fabrication plants is used in a case study to evaluate the performance of the proposed formulae. Simulation results indicate that the proposed formulae can quickly and accurately calculate the required number of cluster tools leading to the required monthly output rate.

scholarly journals Defining an Industry: What is the Size and Scope of the Australian Building and Construction Industry

1970 ◽  
Vol 10 (1-2) ◽  
pp. 119-131 ◽  
Author(s):  
Gerard De Valence
Keyword(s):  
Construction Industry ◽  
Performance Model ◽  
Cluster Approach ◽  
Industry Cluster ◽  
Traditional Structure ◽  
Economic Contribution ◽  
And Performance ◽  
Using Data ◽  
Traditional Industry ◽  
Different Characteristics

This is a reprint from Vol 1, no 1, which has not previously been available in electronic format.The analysis and understanding of the conduct and performance of an industry begins with a study of its structure. However, before analysing an industry's structure it is necessary to define the industry and identify its size, scope and scale to establish its true economic contribution. This paper discusses the size and scope of the Australian building and construction industry, firstly froma traditional industry economics approach by firm size and business characteristics using data fron three construction industry surveys done over 15 years by the ABS. Secondly, data from an industry 'cluster' perspective is shown. The objective of the paper is to compare the differences found in industry size and scope in the structure-conduct-performance approach and the alternative industry cluster approach. Each model reveals different characteristics of the industry. The conclusion finds that the building and construction industry is a case where the traditional structure-conduct-performance model cannot be easily applied. 

scholarly journals Derivation and Performance of Standardized Enhanced Liver Fibrosis (ELF) Test Thresholds for the Detection and Prognosis of Liver Fibrosis

2019 ◽  
Vol 3 (5) ◽  
pp. 815-826 ◽  
Author(s):  
James Day ◽  
Preya Patel ◽  
Julie Parkes ◽  
William Rosenberg
Keyword(s):  
Liver Fibrosis ◽  
Delphi Panel ◽  
Test Results ◽  
Hazard Ratios ◽  
Test Thresholds ◽  
And Performance ◽  
Using Data ◽  
Relationship Of ◽  
The Relationship ◽  
Selection Of

Abstract Introduction Noninvasive tests are increasingly used to assess liver fibrosis and determine prognosis but suggested test thresholds vary. We describe the selection of standardized thresholds for the Enhanced Liver Fibrosis (ELF) test for the detection of liver fibrosis and for prognostication in chronic liver disease. Methods A Delphi method was used to identify thresholds for the ELF test to predict histological liver fibrosis stages, including cirrhosis, using data derived from 921 patients in the EUROGOLF cohort. These thresholds were then used to determine the prognostic performance of ELF in a subset of 457 patients followed for a mean of 5 years. Results The Delphi panel selected sensitivity of 85% for the detection of fibrosis and &gt;95% specificity for cirrhosis. The corresponding thresholds were 7.7, 9.8, and 11.3. Eighty-five percent of patients with mild or worse fibrosis had an ELF score ≥7.7. The sensitivity for cirrhosis of ELF ≥9.8 was 76%. ELF ≥11.3 was 97% specific for cirrhosis. ELF scores show a near-linear relationship with Ishak fibrosis stages. Relative to the &lt;7.7 group, the hazard ratios for a liver-related outcome at 5 years were 21.00 (95% CI, 2.68–164.65) and 71.04 (95% CI, 9.4–536.7) in the 9.8 to &lt;11.3 and ≥11.3 subgroups, respectively. Conclusion The selection of standard thresholds for detection and prognosis of liver fibrosis is described and their performance reported. These thresholds should prove useful in both interpreting and explaining test results and when considering the relationship of ELF score to Ishak stage in the context of monitoring.

scholarly journals Internationalization and Performance of Vietnamese Manufacturing Firms: Does Organizational Slack Matter?

2018 ◽  
Vol 8 (4) ◽  
pp. 64 ◽  
Author(s):  
Hien Thi Ngoc Huynh ◽  
Phuong V. Nguyen ◽  
Khoa T. Tran
Keyword(s):  
Emerging Market ◽  
Developed Countries ◽  
Organizational Slack ◽  
Optimum Level ◽  
International Expansion ◽  
Manufacturing Enterprises ◽  
Long Run ◽  
Third Stage ◽  
And Performance ◽  
Using Data

This paper aims to investigate the three-stage theory of international expansion in the long run from the perspective of firm behavior. Although this topic has been mostly explored using data from developed countries, this paper aims to fill the research gap in an emerging market by using an extensive unbalanced panel data of 12,704 unlisted Vietnam manufacturing enterprises from the General Statistics Office during 2007 to 2012. The findings illustrated a significant S-shaped relationship between internationalization and performance. Notably, the results depict significantly moderating effects of both high-discretion slacks and low-discretion slacks on the internationalization–performance relationship across three stages of global expansion as an enterprise enhances this relationship in the first and third stage although this worsens it in the middle stage. The empirical results suggest that firms should determine the optimum level of internationalization and slacks in addition to balancing their costs with their real gains.

Sign in / Sign up

Export Citation Format

Share Document