scholarly journals Do segregated housing markets have a spillover effect on housing prices in nearby residential areas?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohammad Ismail ◽  
Abukar Warsame ◽  
Mats Wilhelmsson
Keyword(s):  
Low Income ◽  
Local Governments ◽  
Housing Prices ◽  
Spillover Effect ◽  
Housing Markets ◽  
Spillover Effects ◽  
High Income ◽  
Housing Values ◽  
Content Type ◽  
Property Assessment

Purpose The purpose of this study is to analyse the trends regarding housing segregation over the past 10–20 years and determine whether housing segregation has a spillover effect on neighbouring housing areas. Namely, the authors set out to determine whether proximity to a specific type of segregated housing market has a negative impact on nearby housing markets while proximity to another type of segregated market has a positive impact. Design/methodology/approach For the purposes of this paper, the authors must combine information on segregation within a city with information on property values in the city. The authors have, therefore, used data on the income of the population and data on housing values taken from housing transactions. The case study used is the city of Stockholm, the capital of Sweden. The empirical analysis will be the estimation of the traditional hedonic pricing model. It will be estimated for the condominium market. Findings The results indicate that segregation, when measured as income sorting, has increased over time in some of the housing markets. Its effects on housing values in neighbouring housing areas are significant and statistically significant. Research limitations/implications A better understanding of the different potential spillover effects on housing prices in relation to the spatial distribution of various income groups would be beneficial in determining appropriate property assessment levels. In other words, awareness of this spillover effect could improve existing property assessment methods and provide local governments with extra information to make an informed decision on policies and services needed in different neighbourhoods. Practical implications On housing prices emanating from proximity to segregated areas with high income differs from segregated areas with low income, policies that address socio-economic costs and benefits, as well as property assessment levels, should reflect this pronounced difference. On the property level, positive spillover on housing prices near high-income segregated areas will cause an increase in the number of higher income groups and exacerbate segregation based on income. Contrarily, negative spillover on housing prices near low-income areas might discourage high-income households from moving to a location near low-income segregated areas. Local government should be aware of these spillover effects on housing prices to ensure that policies intended to reduce socioeconomic segregation, such as residential and income segregation, produce desirable results. Social implications Furthermore, a good estimation of these spillover effects on housing prices would allow local governments to carry out a cost–benefit analysis for policies intended to combat segregation and invest in deprived communities. Originality/value The main contribution of this paper is to go beyond the traditional studies of segregation that mainly emphasise residential segregation based on income levels, i.e. low-income or high-income households. The authors have analysed the spillover effect of proximity to hot spots (high income) and cold spots (low income) on the housing values of nearby condominiums or single-family homes within segregated areas in Stockholm Municipality in 2013.

Gentrification effects on housing prices in neighbouring areas

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mats Wilhelmsson ◽  
Mohammad Ismail ◽  
Abukar Warsame
Keyword(s):  
House Prices ◽  
Housing Prices ◽  
Spillover Effect ◽  
Hedonic Pricing ◽  
Two Dimensions ◽  
Hedonic Price ◽  
Housing Values ◽  
Residential Areas ◽  
Content Type ◽  
Price Distribution

Purpose This study aims to measure the occurrence of gentrification and to relate gentrification with housing values. Design/methodology/approach The authors have used Getis-Ord statistics to identify and quantify gentrification in different residential areas in a case study of Stockholm, Sweden. Gentrification will be measured in two dimensions, namely, income and population. In step two, this measure is included in a traditional hedonic pricing model where the intention is to explain future housing prices. Findings The results indicate that the parameter estimate is statistically significant, suggesting that gentrification contributes to higher housing values in gentrified areas and near gentrified neighbourhoods. This latter possible spillover effect of house prices due to gentrification by income and population was similar in both the hedonic price and treatment effect models. According to the hedonic price model, proximity to the gentrified area increases housing value by around 6%–8%. The spillover effect on price distribution seems to be consistent and stable in gentrified areas. Originality/value A few studies estimate the effect of gentrification on property values. Those studies focussed on analysing the impacts of gentrification in higher rents and increasing house prices within the gentrifying areas, not gentrification on property prices in neighbouring areas. Hence, one of the paper’s contributions is to bridge the gap in previous studies by measuring gentrification’s impact on neighbouring housing prices.

Engagement valence duality and spillover effects in online brand communities

2017 ◽  
Vol 27 (4) ◽  
pp. 877-897 ◽  
Author(s):  
Jana Lay-Hwa Bowden ◽  
Jodie Conduit ◽  
Linda D. Hollebeek ◽  
Vilma Luoma-aho ◽  
Birgit Apenes Solem
Keyword(s):  
Comparative Method ◽  
Spillover Effect ◽  
Spillover Effects ◽  
Consumer Engagement ◽  
Content Type ◽  
Brand Communities ◽  
Brand Engagement ◽  
Online Brand Communities ◽  
Constant Comparative Method ◽  
Depth Interviews

Purpose Online brand communities (OBCs) are an effective avenue for brands to engage consumers. While engaging with the brand, consumers simultaneously interact with other OBC members; thus engaging with multiple, interrelated engagement objects concurrently. The purpose of this paper is to explore both positively and negatively valenced consumer engagement with multiple engagement objects, the interplay between these, and the spillover effect from consumers’ engagement with the OBC to their engagement with the brand. Design/methodology/approach Drawing on 16 in-depth interviews with OBC members of a luxury accessory brand, a constant comparative method was adopted using axial and selective coding procedures. The objective was to understand the nature of participants’ engagement with the brand, the OBC, and the interplay between individuals’ engagement with these objects. The coding framework and resultant interpretive frameworks address engagement valence, outcomes, and direction. Findings This study illustrates consumer expressions of consumers’ positively and negatively valenced engagement with a focal brand, and with the OBC. Further, it demonstrates the interplay (spillover effect) that occurs between consumers’ engagement with the OBC, to their engagement with the brand. While the existence of positively valenced engagement with the OBC was found to further enhance consumer brand engagement (i.e. reflecting an engagement accumulation effect), negatively valenced engagement with the OBC was found to reduce consumer brand engagement (i.e. reflecting an engagement detraction effect). Originality/value While consumer engagement has been recognized to have both positive and negative manifestations, this study demonstrates that consumers’ engagement valence may differ across interrelated engagement objects (i.e. the brand and the OBC). Further, we demonstrate the existence of engagement spillover effects from the OBC to the brand for both positively and negatively valenced engagement.

Nexus between Southeast Asian stock markets, bitcoin and gold: spillover effect before and during the COVID-19 pandemic

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yosuke Kakinuma
Keyword(s):  
Southeast Asia ◽  
Stock Markets ◽  
Spillover Effect ◽  
Spillover Effects ◽  
Southeast Asian ◽  
Series Data ◽  
Financial Assets ◽  
Volatility Spillover ◽  
Content Type ◽  
Asset Classes

Purpose This study aims to provide empirical evidence on the return and volatility spillover effects between Southeast Asian stock markets, bitcoin and gold in the periods before and during the COVID-19 pandemic. The interdependence among different asset classes, the two leading stock markets in Southeast Asia (Singapore and Thailand), bitcoin and gold, is analyzed for diversification opportunities. Design/methodology/approach The vector autoregressive-Baba, Engle, Kraft, and Kroner-generalized autoregressive conditional heteroskedasticity model is used to capture the return and volatility spillover effects between different financial assets. The data cover the period from October 2013 to May 2021. The full period is divided into two sub-sample periods, the pre-pandemic period and the during-pandemic period, to examine whether the financial turbulence caused by COVID-19 affects the interconnectedness between the assets. Findings The stocks in Southeast Asia, bitcoin and gold become more interdependent during the pandemic. During turbulent times, the contagion effect is inevitable regardless of region and asset class. Furthermore, bitcoin does not provide protection for investors in Southeast Asia. The pricing mechanism and technology behind bitcoin are different from common stocks, yet the results indicate the co-movement of bitcoin and the Singaporean and Thai stocks during the crisis. Finally, risk-averse investors should ensure that gold constitutes a significant proportion of their portfolio, approximately 40%–55%. This strategy provides the most effective hedge against risk. Originality/value The mean return and volatility spillover is analyzed between bitcoin, gold and two preeminent stock markets in Southeast Asia. Most prior studies test the spillover effect between the same asset classes such as equities in different regions or different commodities, currencies and cryptocurrencies. Moreover, the time-series data are divided into two groups based on the structural break caused by the COVID-19 pandemic. The findings of this study offer practical implications for risk management and portfolio diversification. Diversification opportunities are becoming scarce as different financial assets witness increasing integration.

Analysis of risk spillover effect of copper option in China

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Wuyi Ye ◽  
Yiqi Wang ◽  
Jinhai Zhao
Keyword(s):  
Value At Risk ◽  
Risk Model ◽  
Spillover Effect ◽  
Spillover Effects ◽  
Futures Market ◽  
Content Type ◽  
Conditional Autoregressive ◽  
Derivative Markets ◽  
The Impact ◽  
Risk Spillover Effects

Purpose The purpose of this paper is to compare the changes in the risk spillover effects between the copper spot and futures markets before and after the issuance of copper options, analyze the risk spillover effects between the three markets after the issuance of the options and can provide effective suggestions for regulators and investors who hedge risks. Design/methodology/approach The MV-CAViaR model is an extended form of the vector autoregressive model (VAR) to the quantile model, and it is also a special form of the MVMQ-CAViaR model. Based on the VAR quantile model, this model has undergone continuous promotion of the Conditional Autoregressive Value-at-Risk Model (CAViaR) and the Multi-quantile Conditional Autoregressive Value-at-Risk Model (MQ-CAViaR), and finally got the current form of the model. Findings The issuance of options has led to certain changes in the risk spillover effect between the copper spot and its derivative markets, and the risk aggregation effect in the futures market has always been significant. Therefore, when supervising the copper product market and investors using copper derivatives to avoid market risks, they need to pay attention to the impact of futures on the spot market, the impact of options on the futures market and the risk spillover effects of spot and futures on the options market. Practical implications The empirical results of this paper can be used to hedge market risk investment strategies, and the changes in market relationships also provide an effective basis for the supervision of the copper product market by the supervisory authority. Originality/value It is the first literature research to discuss the risk and the impact of spillover effects of copper options on China copper market and its derivative markets. The MV-CAViaR model can capture the mutual risk influence between markets by modeling multiple markets simultaneously.

Learn to be good or bad? Revisited observer effects of punishment: curvilinear relationship and network contingencies

2019 ◽  
Vol 34 (4) ◽  
pp. 754-766 ◽  
Author(s):  
Zhenxin Xiao ◽  
Maggie Chuoyan Dong ◽  
Xiaoxuan Zhu
Keyword(s):  
Automobile Industry ◽  
Distribution Network ◽  
Spillover Effect ◽  
Spillover Effects ◽  
Joint Effect ◽  
Curvilinear Relationship ◽  
Content Type ◽  
Channel Governance ◽  
Observer Effects ◽  
China's Automobile Industry

Purpose Although supplier-initiated punishment is widely used to manage distributors’ opportunism, its spillover effect on unpunished distributors (i.e. observers) within the same distribution network remains under-researched. Specifically, this paper aims to investigate the curvilinear effect of punishment severity on an observer’s opportunism, and how such an effect is contingent on the observer’s network position. Design/methodology/approach This paper uses regression analysis with survey data gathered from 218 distributors in China’s automobile industry. Findings Punishment severity has an inverted U-shaped effect on the observers’ opportunism, and such effect is weakened by both the observers’ network centrality and their degree of dependence on the supplier. Practical implications The findings should encourage suppliers to focus more on the spillover effects of punishment on observers. To this end, the supplier must deliberately initiate the appropriate level of punishment severity against its distributors because an inappropriate level of punishment severity (e.g. too lenient) may unexpectedly raise the unpunished observers’ level of opportunism. Moreover, the supplier should be fully aware that observers’ specific network positions may produce varying spillover effects of the punishment. Originality/value This study enriches the literature on channel governance by revealing the curvilinear mechanism through which punishment severity influences observers’ opportunism. By applying social learning theory to channel punishment research, this study unveils both the inhibitive learning and the imitative learning forces inherent in a single punishment event, and it delineates their joint effect on an observer’s opportunism. In addition, this study outlines the observer’s vertical and horizontal relationships within the distribution network and explores their contingent roles in determining the spillover effects of punishment.

Intellectual property extensions in entertainment services: Marvel and DC comics

2020 ◽  
Vol 34 (2) ◽  
pp. 239-251
Author(s):  
Alexander Buoye ◽  
Arne De Keyser ◽  
Zeyang Gong ◽  
Natalie Lao
Keyword(s):  
Intellectual Property ◽  
Mixed Model ◽  
Comic Books ◽  
Current Knowledge ◽  
Spillover Effect ◽  
Comic Book ◽  
Spillover Effects ◽  
Content Type ◽  
Book Sales ◽  
Direct Market

Purpose The purpose of this paper is to look into the topic of IP category extensions in an entertainment setting. The main goal of the study is to explore the reciprocal spillover effect of customer experience (CX) ratings with an intellectual property (IP) in one medium (i.e. film) on the sales of the same IP in other media (i.e. comic books). Design/methodology/approach The study is based on 21-years of monthly top 300 comic book direct market sales data linked to the release schedule and domestic box office gross figures for films featuring Marvel and DC comic book IP appearing in the weekly top 50 films over the same time period. The analysis is based on a hierarchical linear (i.e. mixed) model to account for the nested structure of the data. Findings The analysis reveals that CX ratings of weekly top 50 films featuring comic book IP have a quadratic relationship with comic book sales by the two major publishers. Films receiving very good but not excellent ratings are associated with the highest levels of incremental comic book sales. Research limitations/implications The model is based on sales of periodical comic books in the direct market only (i.e. specialty shops) and does not account for sales of digital comics or collected editions through other channels. The analysis is also limited to IP for the two major publishers (Marvel and DC comics). Originality/value This study expands current knowledge on CX spillover effects between different media, contributing to entertainment and CX-literature alike.

scholarly journals An Assessment of Urban Park Access Using House-Level Data in Urban China: Through the Lens of Social Equity

2020 ◽  
Vol 17 (7) ◽  
pp. 2349 ◽  
Author(s):  
Siqi Yu ◽  
Xigang Zhu ◽  
Qian He
Keyword(s):  
Low Income ◽  
Local Governments ◽  
Green Space ◽  
Housing Prices ◽  
Social Equity ◽  
Urban Parks ◽  
Urban China ◽  
Walking Distance ◽  
Urban Park ◽  
Level Data

The various benefits of urban green space are gaining increasing attention nowadays. Hence, the distribution of green space has become a scrutinized concern for spatial equity among local governments and the planning scholars. This study is the first quantitative evaluation of urban park accessibility using house-level data in urban China, from the perspective of social equity. We chose Nanjing as the empirical case and examined 2709 real estate units and 79 parks within the city. Accessibility is measured by the 10-min walking distance from homes to the adjacent urban parks. Using the Street Network Analysis model in ArcGIS and the statistical methods in SPSS, the result shows that 60.5% of the real estates in Nanjing are located within a 10-min walk to access urban parks. However, this accessibility is positively correlated with housing prices, and negatively correlated with the age of the buildings, holding all other factors constant. While affluent homeowners capture a high-quality green amenity, newly-built low-income communities, where most residents are classified as a vulnerable population, have the lowest percentage of accessible green space. This study reveals the existing spatial disparities of urban park accessibility among different socio-economic groups in Nanjing, China. Additionally, we found that urban redevelopment projects with greening and the large-scale affordable housing construction are pricing out the urban poor and rural immigrants from the inner city to the urban peripheral areas. This will reduce the accessibility to urban parks and other public service facilities among the lower income families, and exacerbate the inequality among the rich and the poor in terms of their quality of life. Main findings of this study can inform policy decisions regarding equitable park provision in the construction of the green city and the sustainable development in urban China and other developing countries.

The impact of economic and financial development on environmental degradation

2015 ◽  
Vol 32 (4) ◽  
pp. 485-502 ◽  
Author(s):  
Samia Nasreen ◽  
Sofia Anwar
Keyword(s):  
Panel Data ◽  
Financial Development ◽  
Environmental Degradation ◽  
Low Income ◽  
Ordinary Least Squares ◽  
Dynamic Panel Data ◽  
High Income ◽  
Empirical Literature ◽  
Content Type ◽  
The Impact

Purpose – The purpose of this study is to validate the impact of economic and financial development along with energy consumption on environmental degradation using dynamic panel data models for the period 1980-2010. The study uses three sub-panels constructed on the basis of income level to make panel data analysis more meaningful. Design/methodology/approach – Larsson et al. panel cointegration technique, fully modified ordinary least squares and vector error correction model causality analysis are applied for empirical estimation. Findings – Main empirical findings demonstrate that financial development reduces environmental degradation in the high-income panel and increases environmental degradation in the middle- and low-income panels. Hypothesis of the environmental Kuznets curve is accepted in all income panels. Granger causality results show the evidence of bidirectional causality between financial development and CO2 emission in the high-income panel, and unidirectional causality from financial development to CO2 emission in the middle- and low-income panels. Originality/value – In empirical literature, only a few studies explain the effect of financial development on environment. The present study is an effort to fill this gap by exploring the effect of economic and financial development on environmental degradation.

Comparing the financial reporting quality of Chinese and US public firms

2018 ◽  
Vol 8 (4) ◽  
pp. 399-424
Author(s):  
Kareen Brown ◽  
Fayez A. Elayan ◽  
Jingyu Li ◽  
Zhefeng Liu
Keyword(s):  
Financial Reporting ◽  
Spillover Effect ◽  
Abnormal Returns ◽  
Reporting Quality ◽  
Spillover Effects ◽  
Financial Reporting Quality ◽  
Chinese Firms ◽  
Content Type ◽  
Regulatory Actions

Purpose The purpose of this paper is to investigate whether US regulatory actions around reverse mergers (RM) have exerted any spillover effects on the Chinese firms listed in China and whether Chinese firms have exhibited lower financial reporting quality than their US counterparts. Design/methodology/approach To test the possible spillover effect, this paper calculates three-day cumulative average abnormal returns (CAAR) and the aggregate CAAR for a series of US regulatory actions in 2010 and 2011. The study then compares the accrual quality, conditional conservatism, and information content of accruals of Chinese firms and US firms. Findings The paper documents a spillover effect of US actions around RM on Chinese stocks listed in China. Overall results do not support the perception that Chinese firms have lower financial reporting quality than their US counterparts. Research limitations/implications While this study provides evidence consistent with investors perceiving poor financial reporting quality among Chinese firms, that perception is not justified by empirical evidence. Practical implications Investors need not be overly concerned about the financial reporting quality among the Chinese firms when they make asset allocation decisions. Social implications A reality check is important given that perceptions may be outdated, biased, misleading, and costly. Originality/value This study puts the financial reporting quality of Chinese firms into perspective helping global investors assess information risk for optimal resource allocation.

Testing for bubbles in housing markets: some evidence for Brazil

2018 ◽  
Vol 11 (5) ◽  
pp. 754-770 ◽  
Author(s):  
Cássio da Nóbrega Besarria ◽  
Nelson Leitão Paes ◽  
Marcelo Eduardo Alves Silva
Keyword(s):  
Monte Carlo Simulation ◽  
Monte Carlo ◽  
Housing Prices ◽  
Market Price ◽  
Housing Markets ◽  
Cointegration Analysis ◽  
Small Samples ◽  
Content Type ◽  
Long Run ◽  
Cointegration Tests

Purpose Housing prices in Brazil have displayed an impressive growth in recent years, raising some concerns about the existence of a bubble in housing markets. In this paper, the authors implement an empirical methodology to identify whether or not there is a bubble in housing markets in Brazil. Design/methodology/approach Based on a theoretical model that establish that, in the absence of a bubble, a long-run equilibrium relationship should be observed between the market price of an asset and its dividends. The authors implement two methodologies. First, the authors assess whether there is a cointegration relationship between housing prices and housing rental prices. Second, the authors test whether the price-to-rent ratio is stationary. Findings The authors’ results show that there is evidence of a bubble in housing prices in Brazil. However, given the short span of the data, the authors perform a Monte Carlo simulation and show that the cointegration tests may be biased in small samples. Therefore, the authors should be caution when assessing the results. Research limitations/implications The results obtained from the cointegration analysis can be biased for small samples. Practical implications The information on the excessive increase of the prices of the properties in relation to their fundamental value can help in the decision-making on investment of the economic agents. Social implications These results corroborate the hypothesis that Brazil has an excessive appreciation in housing prices, and, as Silva and Besarria (2018) have suggested, this behavior explains, in part, the fact that the central bank has taken this issue into account when deciding about the stance of monetary policy of Brazil. Originality/value The originality is linked to the use of the Gregory-Hansen method of cointegration in the identification of bubbles and discussion of the limitations of the research through Monte Carlo simulation.

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