Anchor effects in appraisals: do information and theoretical knowledge matter?

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Peter Palm ◽  
Magnus Andersson
Keyword(s):  
Critical Thinking ◽  
Real Estate ◽  
Cognitive Capacity ◽  
Theoretical Knowledge ◽  
Content Type ◽  
Before And After ◽  
Financial Behaviour ◽  
Real Estate Education ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this study is to evaluate the impact of theoretical knowledge related to financial behaviour and especially anchor effects. Design/methodology/approach The study design is based upon an experiment divided into two parts, before and after the development of the course curriculum for the course introducing behavioural finance for undergraduate real estate students. Findings The study concludes that the anchor effect is persistent also after introducing theoretical knowledge regarding financial behaviour and anchor effects. To conclude the results, in this study, indicates that the appraisal of properties are dependent on the individual’s cognitive capacity to mitigate anchor effects. There are epistemological assumptions underlying the belief in the individuals’ capacity to handle anchor effects that might provide biased appraisals. These assumptions need to be carefully tested and treated to increase the accuracy of property appraisals. Practical implications The study result also highlights the possibility that current literature in valuation, and learning activities, does not emphases and stimulate readers to critical thinking. This paper would, therefore, propose also other real estate education programmes to be aware of the potential lack of critical thinking among the students. Originality/value It provides an insight regarding how appraisal of properties is dependent on the individual’s cognitive capacity to mitigate anchor effects.

Reflections on the theme issue outcomes: Expo 2020: what will be the impact on Dubai?

2019 ◽  
Vol 11 (3) ◽  
pp. 346-350 ◽  
Author(s):  
Sanjay Nadkarni ◽  
Richard Teare
Keyword(s):  
Collaborative Work ◽  
Theme Issue ◽  
Content Type ◽  
Starting Point ◽  
Before And After ◽  
Collaborative Working ◽  
The Impact ◽  
Practical Implications ◽  
Detailed Picture ◽  
Selection Of

Purpose The purpose of this paper is to profile the Worldwide Hospitality and Tourism Themes (WHATT) theme issue “Expo 2020: What will be the impact on Dubai?” with reference to the experiences of the theme editor and writing team. Design/methodology/approach This paper uses structured questions to enable the theme editor to reflect on the rationale for the theme issue question, the starting point, the selection of the writing team and material and the editorial process. Findings This paper provides a framework to facilitate discussion between academics and practitioners engaged with Dubai’s Expo 2020, identifies ways of improving competitiveness as an events destination and contributes to thinking about sustainable development before and after the event. The outcomes of a broad-ranging collaboration yield fresh insights, a deeper understanding of the issues and an array of possible responses to the theme issue question. Practical implications The theme issue outcomes provide lines of enquiry for others to explore and they reinforce the value of WHATT’s approach to collaborative working and writing. Originality/value The collaborative work reported in this theme issue offers a unified but contrarian response to the theme’s strategic question. Taken together, the collection of articles provides a detailed picture of the on-going preparation for Expo 2020 and plans to ensure continued growth in the post-Expo phase.

Fifty years of the UK Misuse of Drugs Act 1971: the legislative contexts

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Blaine Stothard
Keyword(s):  
Design Methodology ◽  
Evidence Base ◽  
People Who Use Drugs ◽  
Content Type ◽  
Before And After ◽  
History Of ◽  
The Government ◽  
The Uk ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this paper is to illustrate the history of relevant legislation before and after the 1971 Misuse of Drugs Act (MDA). Design/methodology/approach A chronological narrative of laws and reports with concluding discussion. Findings That UK legislators have not made use of the evidence base available to them and have favoured enforcement rather than treatment approaches. That current UK practice has exacerbated not contain the use of and harms caused by illegal drugs. Research limitations/implications The paper does not cover all relevant documents, especially those from non-governmental sources. Practical implications The practical implications centre on the failure of consecutive governments to reflect on and review the impact of current legislation, especially on people who use drugs. Social implications That the situations of people who use drugs are currently ignored by the government and those proven responses which save lives and reduce harm are rejected. Originality/value The paper attempts to show the historical contexts of control and dangerousness of which the MDA is one instrument.

How the peer-to-peer market for tourist accommodation has responded to COVID-19

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Beatriz Benítez-Aurioles
Keyword(s):  
Panel Data ◽  
Fixed Effects ◽  
Design Methodology ◽  
Peer To Peer ◽  
Content Type ◽  
Public Managers ◽  
Before And After ◽  
Tourist Accommodation ◽  
The Impact ◽  
Practical Implications

Purpose This study aims to analyze the COVID-19 pandemic’s impact on the peer-to-peer (p2p) market for tourist accommodation. Design/methodology/approach Using monthly panel data from Airbnb listings in 22 cities worldwide, the authors run a differences-in-differences analysis comparing the period of February–October 2020 to the previous year. Findings Besides a decline in accommodation supply, the pandemic made prices and demand fall in all cities significantly, after controlling for room characteristics, host traits, booking policies and individual fixed effects. There is also evidence of an alteration of the influence on prices of certain variables such as superhost and instant booking. Research limitations/implications The main limitations are related to the reference spatial and temporal environment. Besides, the samples are limited to listings that stayed before and after the pandemic; therefore, it is possible that the real effect on review growth and/or prices is actually more negative. Practical implications The analysis performed shows a scenario that represents an opportunity for public managers to test more imaginative regulations that overcome the limitations of those implemented so far. Likewise, hosts who aspire to make their accommodations profitable must adapt to the conditions imposed by the economic environment of the cities in which they operate. Originality/value This is the first study to econometrically estimate the impact of COVID-19 on prices in the p2p market for tourist accommodation in a set of cities worldwide.

Collapse: the decline and fall of master planned golf course communities

2017 ◽  
Vol 35 (6) ◽  
pp. 638-651 ◽  
Author(s):  
Chris Mothorpe ◽  
David Wyman
Keyword(s):  
South Carolina ◽  
Real Estate ◽  
Financial Economic ◽  
Golf Course ◽  
Vacant Lots ◽  
Economic Cycle ◽  
Content Type ◽  
Pricing Behavior ◽  
Before And After ◽  
Practical Implications

Purpose The purpose of this paper is to examine the pricing of vacant lots in master planned golf course communities (GCCs) over the period of 2000-2016. The authors compare the longitudinal pricing behavior of different lot types during this economic cycle and examine the causes of the property bubble and subsequent deterioration of the business model with the arrival of the Financial Economic Crisis (FEC). Design/methodology/approach The authors construct spatial hedonic models for three master planned GCCs in Pickens County, South Carolina and use interaction dummies to examine the pricing of different types of vacant lots before and after the FEC. Findings The authors find that there is a collapse in value for interior lots in the GCCs compared to interior lots in the county. As interior lots comprise over 50 percent of inventory in a typical master planned GCC, this loss of real estate value threatens the viability of such communities in the aftermath of the FEC. Practical implications The research results inform real estate investors, real estate developers, current homebuyers and potential homebuyers of the impacts of the FEC on master planned GCCs and some of the risks associated with such developments. Originality/value This is the first paper the authors are aware of that indicates the financial viability of master planned GCCs is associated with the pricing fragility of interior lots during cyclical markets. While demand for premium quality lots suffers, there is a collapse in demand for interior lots during the crisis.

Improving US real estate returns with cost segregation

2019 ◽  
Vol 37 (4) ◽  
pp. 334-344
Author(s):  
Ivan C. Roten ◽  
Jarrod G. Johnston
Keyword(s):  
Real Estate ◽  
Design Methodology ◽  
Cash Flows ◽  
Content Type ◽  
Real Estate Investments ◽  
Accelerated Depreciation ◽  
Investor Returns ◽  
The Impact ◽  
Practical Implications

Purpose US taxing authorities allow property investment to be separated into components. The purpose of this paper is to demonstrate how the classification of property affects the amount and timing of depreciation. Increased and accelerated depreciation increases after-tax cash flows and investor returns. Design/methodology/approach This paper explains traditional methods to analyze real estate investments and introduces modified methods that include the effect of taxes to improve the estimate of the potential return to the investor. Commonly used property classification methods are evaluated and projections are used to demonstrate the impact on investor returns. Findings Modified methods may improve return estimates and appropriately classifying property improves investor returns. Practical implications After-tax cash flows should be used to analyze potential real estate investments and properties should be accurately classified to maximize returns. Originality/value This paper demonstrates how to analyze real estate investments and maximize returns.

scholarly journals Gamification and entrepreneurial intentions

2019 ◽  
Vol 26 (5) ◽  
pp. 661-683 ◽  
Author(s):  
José L. Ruiz-Alba ◽  
Anabela Soares ◽  
Miguel Angel Rodríguez-Molina ◽  
Arnaud Banoun
Keyword(s):  
Quantitative Research ◽  
Self Determination Theory ◽  
Research Strategy ◽  
Entrepreneurial Intentions ◽  
Private Company ◽  
Content Type ◽  
Basic Assumptions ◽  
Before And After ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this paper is to investigate how gamification can influence entrepreneurial intentions (EI) of a group of users of an online platform provided by a private company. Design/methodology/approach A quantitative research strategy was used with a sample of 220 respondents. These respondents were tested before and after the gamification experience. Findings Main findings support literature suggesting a clear effect of attitudes towards behaviour and perceived behavioural control on EI, in line with the theory of planned behaviour (TPB). Once the basic assumptions of TPB were confirmed, the authors tested the effects of gamification comparing before and after results. Main findings highlight an increase of these effects after the gamification experience, aligned with the self-determination theory. Practical implications These findings suggest that gamification is able to influence entrepreneurial behaviours. This contributes to both companies and educators’ knowledge on training for EI with gamification and the use of online platforms to this effect. Recommendations are provided. Originality/value This is the first study that investigates the impact of gamification on EI and how gamification can influence the different relationships between the antecedents of EI.

scholarly journals The performance of a blended real estate portfolio for UK DC investors

2015 ◽  
Vol 33 (2) ◽  
pp. 156-168 ◽  
Author(s):  
Alex Moss ◽  
Kieran Farrelly
Keyword(s):  
Real Estate ◽  
Pension Fund ◽  
Content Type ◽  
The Real Estate ◽  
Specific Investment ◽  
Risk Return ◽  
The Uk ◽  
The Impact ◽  
Investment Requirement ◽  
Practical Implications

Purpose – The purpose of this paper is to provide a better understanding of the performance implications for UK DC pension fund investors who choose to combine global listed and UK unlisted real estate in a blended allocation relative to a pure unlisted solution. Design/methodology/approach – Blended listed and unlisted real estate portfolios are constructed. Investor risk and returns are then studied over the full 15 year sample horizon and distinct cyclical phases over this period using a number of risk-return metrics. Performance is then contrasted with that of a pure unlisted solution, as well as UK equity market and bond total returns over the same period. Findings – A UK DC pension fund investor choosing to construct a blended global listed and UK unlisted real estate portfolio would have experienced material return enhancement relative to a pure unlisted solution. The “price” of this enhanced performance and improved liquidity profile is, unsurprisingly, higher portfolio volatility. However, because of the improved returns, the impact upon measured risk adjusted returns is less significant. Practical implications – Relatively liquid blended listed and unlisted real estate portfolios create efficient risk and return outcomes for investors. Originality/value – This study uses actual fund rather than index data (i.e. measures delivered returns to investors), has chosen a global rather than single country listed real estate allocation and is focused on providing clarity around the real estate exposure for a specific investment requirement, the UK DC pension fund market.

Self-selection and purchase value of research shoppers

2020 ◽  
Vol 48 (8) ◽  
pp. 845-863
Author(s):  
Jason Ian Pallant ◽  
Sean James Sands ◽  
Carla Renee Ferraro ◽  
Jessica Leigh Pallant
Keyword(s):  
Design Methodology ◽  
Online Survey ◽  
Single Channel ◽  
Content Type ◽  
Product Categories ◽  
Self Selection ◽  
Before And After ◽  
Online Channel ◽  
The Impact ◽  
Practical Implications

PurposeThis paper investigates the degree to which self-selection explains the apparent higher purchase value of research shoppers.Design/methodology/approachAn online survey was administered to 594 retail shoppers. The purchase value of research shoppers and single-channel shoppers was compared before and after propensity score matching to account for self-selection effects.FindingsPrior to matching, research shoppers spend significantly more than single-channel shoppers. This difference persists after accounting for self-selection but is reduced by 25%. The impact of self-selection differs across product categories and channels, with the online channel most likely to lead to higher purchase value.Practical ImplicationsThe findings build on existing literature on the value of omni-channel retail strategies and provide insights for retailers to determine the likely impact of encouraging research shopping among their customers.Originality/valueThe research provides important insights into the role that self-selection plays in the value of multi-channel shoppers, and the likely value to retailers of omni-channel strategies.

Perceived workplace gender-bias and psychological impact

2019 ◽  
Vol 43 (3/4) ◽  
pp. 339-353 ◽  
Author(s):  
Siham Lekchiri ◽  
Cindy Crowder ◽  
Anna Schnerre ◽  
Barbara A.W. Eversole
Keyword(s):  
Gender Bias ◽  
Critical Incident ◽  
Psychological Impact ◽  
Working Women ◽  
Content Type ◽  
Treatment Bias ◽  
Male Dominated ◽  
The Impact ◽  
Organizational Mechanisms ◽  
Practical Implications

Purpose The purpose of this paper is to explore the experiences of working women in a male-dominated country (Morocco) and unveil the unique challenges and everyday gender-bias they face, the psychological impact of the perceived gender-bias and, finally, identify a variety of coping strategies or combatting mechanisms affecting their motivation and retention in the workplace. Design/methodology/approach Empirical evidence was obtained using a qualitative research method. The Critical Incident Technique (CIT) was used to collect incidents recalled by women in the select institution reflecting their perceptions of their managers’ ineffective behaviors towards them and the impact of these behaviors. The critical incidents were inductively coded, and behavioral statements were derived from the coded data. Findings The qualitative data analysis led them to structure the data according to two theme clusters: The perceived gender-bias behaviors (Covert and evident personal and organizational behaviors) and Psychological impacts resulting from the perceived bias. These behavioral practices included abusive behaviors, unfair treatment, bias and lack of recognition. The psychological impact elements involved decreased productivity, depression, anxiety and low self-esteem. Practical implications Understanding these experiences can facilitate the identification of strategies geared towards the retention of women in the workforce, and Moroccan organizations can develop and implement strategies and policies that are geared towards eliminating gender-bias in the workplace and to retaining and motivating women who remain ambitious to work in male-dominated environments and cultures. Originality/value This paper provides evidence that sufficient organizational mechanisms to support women in male-dominated environments are still unavailable, leaving them to find the proper coping mechanisms to persevere and resist.

Embedding employability within higher education for the profession of policing

2019 ◽  
Vol 9 (3) ◽  
pp. 319-328
Author(s):  
Ian Pepper ◽  
Ruth McGrath
Keyword(s):  
Higher Education ◽  
Design Methodology ◽  
Research Study ◽  
Longitudinal Research ◽  
Evidence Base ◽  
Content Type ◽  
Educational Provision ◽  
Professional Body ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this paper is to evaluate the impact of an employability module, the College of Policing Certificate in Knowledge of Policing (CKP), on students’ career aspirations, their confidence and wish to join the police along with the appropriateness of the module. This will inform the implementation of employability as part of the College of Policing-managed Police Education Qualifications Framework (PEQF). Design/methodology/approach A three-year longitudinal research study used mixed methods across four points in time to evaluate the impact on students studying the employability module. Findings The research suggests that the employability-focussed CKP was useful as an introduction to policing, it developed interest in the police and enhanced the confidence of learners applying to join. Lessons learnt from the CKP should be considered during the implementation of the PEQF. Research limitations/implications The ability to generalise findings across different groups is limited as other influences may impact on a learner’s confidence and employability. However, the implications for the PEQF curriculum are worthy of consideration. Practical implications As the police service moves towards standardised higher educational provision and evolution of policing as a profession, lessons can be learnt from the CKP with regards to the future employability of graduates. Originality/value Enhancing the employability evidence base, focussing on policing, the research identified aspects which may impact on graduates completing a degree mapped to the PEQF. The research is therefore of value to higher education and the professional body for policing.

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