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.

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.

Reuse, recycle … reduce: a greener library with print management

2012 ◽  
Vol 30 (3) ◽  
pp. 408-417 ◽  
Author(s):  
Megan E. Dempsey ◽  
Alex Palilonis
Keyword(s):  
Management System ◽  
Design Methodology ◽  
Content Type ◽  
Before And After ◽  
Practical Implications

PurposeThe purpose of this paper is to describe the implementation of a print management system to control costs and reduce waste associated with printing practices.Design/methodology/approachA paper collection study found that 8 percent of pages printed in the library were never claimed. A print management system was implemented requiring print jobs to be manually released by users. Statistics on toner lifespan and number of pages printed before and after the system was implemented were compared.FindingsThe print management system reduced the total number of pages printed in a semester by 32 percent from Fall 2009 to Fall 2011 and increased the lifespan of toner cartridges so they would perform more efficiently.Practical implicationsImplementing a print management system without charging students a printing fee reduces the amount of wasted paper and the costs associated with purchasing paper and toner for printing services.Originality/valueThe paper describes the implementation of a print management system in a library that has substantially reduced the number of pages printed from library computers and the amount of toner used. The authors believe they have made a significant impact on reducing a primary area of waste.

Celebrity transgression and consumers’ forgiveness: does religiosity matter?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Anwar Sadat Shimul ◽  
Matthew Barber ◽  
Mohammad Ishmam Abedin
Keyword(s):  
Purchase Intention ◽  
Structural Equation ◽  
Online Survey ◽  
Intrinsic Religiosity ◽  
Content Type ◽  
Equation Modelling ◽  
Before And After ◽  
The Relationship ◽  
Practical Implications

Purpose This paper aims to examine the role of religiosity on consumers’ forgiveness when celebrities get involved in transgression. The celebrity’s reaction and its impact on consumers’ forgiveness is tested as well. In addition, consumers’ attitudes towards the brand and celebrity as well as purchase intention for the endorsed brand are examined both before and after the transgression. Design/methodology/approach Data (n = 356) were collected through a self-administered online survey and analysed though structural equation modelling in AMOS 26. Findings The results show that consumers’ attitude towards celebrity, brand and purchase intention gets weaker once the celebrity gets into transgression. Consumers tend to forgive more if the celebrity apologises (vs denies) for the wrongdoing. The hypothesised relationship between attitude towards celebrity and purchase intention did not sustain after the transgression. In addition, consumers’ intrinsic religiosity strengthens the relationship between attitude towards the celebrity and purchase intention. Practical implications The findings of this research present valuable implications for brands practitioners. Brands should formulate actionable contingency plans to mitigate the negative ramifications of celebrity transgressions. Specifically, intrinsic religiosity and celebrity apologies should assist consumers in forgiving the transgression and negate the implications that could have arisen if the celebrity instead denied the transgressions. Originality/value This research extends the previous research by examining religiosity and forgiveness within the context of celebrity transgressions. To the best of the authors’ knowledge, this is one of the first few research studies to consider the role religiosity plays in consumers’ intention to forgive celebrity transgressions.

Perceived risks from drone food delivery services before and after COVID-19

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ja Young (Jacey) Choe ◽  
Jinkyung Jenny Kim ◽  
Jinsoo Hwang
Keyword(s):  
Perceived Risk ◽  
Food Delivery ◽  
Equation Modeling ◽  
Stable Operation ◽  
Content Type ◽  
Before And After ◽  
Delivery Services ◽  
Psychological Risks ◽  
The Relationship ◽  
Practical Implications

Purpose The purpose of this study was to explore if five subdimensions of perceived risk (financial, time, privacy, performance and psychological risks) negatively affects image. In addition, this study aims to investigate if image has a positive effect on intentions to use. Lastly, the purpose of this study was to examine the moderating effect of Coronavirus disease-2019 (COVID-19), before and after the outbreak, in the relationship between perceived risk and image. Design/methodology/approach Data were collected from 331 people before the COVID-19 outbreak and 343 people after the COVID-19 outbreak. To test hypotheses, this study used structural equation modeling. Findings Time, performance and psychological risks negatively affected image before the outbreak of COVID-19. Meanwhile, performance risks and psychological risks had a negative influence on image only after the outbreak of COVID-19. In addition, there was demonstrated to be a positive relationship between image and intentions to use, both before and after the COVID-19 outbreak. Finally, the outbreak of COVID-19 positively moderates the relationship between performance risk and image. Practical implications The current study provides the following practical implications. First, industry practitioners need to develop a performance guarantee system which enhances the quality assurance of drone food delivery services (DFDS). Second, live streaming or creative activities would help to visualize DFDS in a way that stresses the stable operation of these services. Originality/value The importance of contactless services has been emphasized ever since the beginning of the COVID-19 outbreak. However, there has been very little research on the future of contactless services after COVID-19. This study investigated the perceived risk from DFDS as a form of contactless service which has not been conducted before. The findings of this study will improve the understanding of the changes that have occurred in consumers’ perception of risk from DFDS during the COVID-19 pandemic.

scholarly journals Professional skills development for mathematics undergraduates

2019 ◽  
Vol 9 (3) ◽  
pp. 374-386
Author(s):  
Ewan Russell ◽  
Peter Rowlett
Keyword(s):  
Teaching Style ◽  
Skills Development ◽  
Design And Development ◽  
Professional Skills ◽  
Content Type ◽  
Module Design ◽  
Before And After ◽  
Key Competencies ◽  
Academic Year ◽  
Practical Implications

Purpose The purpose of this paper is to describe the design and development of a final year undergraduate mathematics module designed to address professional skills development at a UK university, including via input to curriculum and assessment from employers, and to investigate student acquisition of skills from this module. Design/methodology/approach Literature on skills development in mathematics informs module design and development. Students optionally completed Likert-style competency questionnaires before and after the taught module content, and reflected on skills development via an end of module questionnaire. Data collection took place over three academic years. Findings Several key competencies exhibit median increases over the course of the module in each academic year, indicating a perceived skills development. Problem solving and presentation skills are particularly highlighted. Research limitations/implications Numbers of students were small, though the study is repeated with three different cohorts. Some students study mathematics jointly with another discipline and hence may have experience in skills development from the other subject. Practical implications This study indicates that innovations in teaching style and assessment in mathematics modules can enhance student confidence and competence with key professional skills. Originality/value Undergraduate modules in mathematics which have a focus on professional skills development are still fairly rare in UK universities. Often such modules do not embed the professional skills development activities with subject-specific technical tasks and projects as this module does. There are few formal studies of the effectiveness of this style of module, especially longitudinal studies covering several academic years.

scholarly journals Emotions in leaders’ enactment of professional agency

2019 ◽  
Vol 31 (2) ◽  
pp. 143-165 ◽  
Author(s):  
Päivi Hökkä ◽  
Katja Vähäsantanen ◽  
Susanna Paloniemi ◽  
Sanna Herranen ◽  
Anneli Eteläpelto
Keyword(s):  
Qualitative Content Analysis ◽  
Leadership Coaching ◽  
Content Type ◽  
Current State ◽  
Before And After ◽  
State Of Affairs ◽  
Practical Implications ◽  
A Current

Purpose Although there has been an increase in workplace studies on professional agency, few of these have examined the role of emotions in the enactment of agency at work. To date, professional agency has been mainly conceptualised as a goal-oriented, rational activity aimed at influencing a current state of affairs. Challenged by this, this study aims to elaborate the nature and quality of emotions and how they might be connected to the enactment of professional agency. Design/methodology/approach Data are collected in the context of a leadership coaching programme that aimed to promote the leaders’ professional agency over the course of a year. The participants (11 middle-management leaders working in university and hospital contexts) were interviewed before and after the programme, and the data were analysed using qualitative content analysis. Findings Findings showed that emotions played an important role in the leaders’ enactment of professional agency, as it pertained to their work and to their professional identity. The study suggests that enacting professional agency is by no means a matter of purely rational actions. Practical implications The study suggests that emotional agency can be learned and enhanced through group-based interventions reflecting on and processing one’s own professional roles and work. Originality/value As a theoretical conclusion, the study argues that professional agency should be reconceptualised in such a way as to acknowledge the importance of emotions (one’s own and those of one’s fellow workers) in practising agency within organisational contexts.

The role of investment property appraisal in European real estate companies

2020 ◽  
Vol 13 (1) ◽  
pp. 105-122
Author(s):  
Juha Mäki
Keyword(s):  
European Union ◽  
Real Estate ◽  
Design Methodology ◽  
Annual Reports ◽  
Real Estate Industry ◽  
Publicly Traded ◽  
Content Type ◽  
The Real Estate ◽  
Practical Implications

Purpose This paper aims to examine the connection between appraisals of investment properties and earnings properties in companies from two perspectives: what kinds of companies employ the most reputable appraisers and how appraisers produce estimations. Design/methodology/approach The research uses annual reports of European Union (EU) publicly traded real estate companies and examines the period 2007-2016. Findings The contribution of this study lies in establishing that some indicators and features of real estate companies affect the choice of appraiser and also in illustrating differences in the results of property valuations. In short, smaller companies with weaker performance are less willing to use external valuation, and external appraisers produce more conservative estimations for investment properties. Practical implications The research produces beneficial information for investors and other stakeholders interested in the real estate industry. Originality/value This is the first novel study to examine the link between appraisals of investment properties and earnings properties in companies in detail.

The effect of religiosity–morality interaction on auditor independence in Egypt

2020 ◽  
Vol 35 (8) ◽  
pp. 1009-1031
Author(s):  
Diana Mostafa ◽  
Mostaq Hussain ◽  
Ehab K.A. Mohamed
Keyword(s):  
Experimental Design ◽  
Moral Development ◽  
Repeated Measures ◽  
Religious Orientation ◽  
Religious Affiliation ◽  
Auditor Independence ◽  
Content Type ◽  
Before And After ◽  
Practical Implications ◽  
Interactional Effect

Purpose This paper aims to examine the effect of religiosity on the degree of auditor independence given the significance of symbolic gestures constructed by client economic conditions in different situations before and after considering the degree of auditors’ moral development. Design/methodology/approach The paper uses an experimental design based on running mixed factorial analysis of variance (SPANOVA) using mainly repeated measures GLM to test the interaction effects between (and within) variables on auditor independence. Findings The main findings indicate that there is a significant interactional effect between the degree of moral development and intrinsic religiosity on the degree of auditor independence, given the stimulating effect of the client’s economic gestures/conditions. Practical implications The Egyptian economy is growing and ensuring that auditor independence is paramount to sustaining the local, as well as foreign investors’ interest. Hence, this study is very important in highlighting factors that might lead to some impairment of auditors’ independence. Originality/value To the best of the authors’ knowledge, this study is the first to test the interactional effect between the religious orientation rather than religious affiliation and moral development on the degree of auditor independence, such a relationship has not been tested before in the literature. Additionally and most importantly, it uses statistical measurement through its experimental design, as there is a lack of studies in terms of auditor independence in Egypt. The existing literature follows the perceptional assessment rather than the real measurement of the degree of auditor independence.

Return and co-movement of major public real estate markets during global financial crisis

2017 ◽  
Vol 35 (5) ◽  
pp. 489-508 ◽  
Author(s):  
Kim Hiang Liow ◽  
Shao Yue Angela
Keyword(s):  
Financial Crisis ◽  
Real Estate ◽  
Global Financial Crisis ◽  
Content Type ◽  
Real Estate Markets ◽  
The Public ◽  
Movement Dynamics ◽  
The Usa ◽  
Short Run ◽  
Practical Implications

Purpose The purpose of this paper is to investigate the volatility spectral of five major public real estate markets, namely, the USA, the UK, Japan (JP), Hong Kong (HK), and Singapore (SG), during the pre- and post-global financial crisis (GFC) periods. Design/methodology/approach First, univariate spectral analysis is concerned with discovering price cycles for the respective real estate markets. Second, bivariate cross-spectral analysis seeks to uncover whether any two real estate price series share common cycles with regard to their relative magnitudes and lead-lag patterns of the cyclical variations. Finally, to test the contagion effects, the authors estimate the exact percentage change in co-spectral density (cyclical covariance) due to high frequencies (short run) after the GFC. Findings The authors find that whilst none of the public real estate markets examined are spared from the crisis, the three Asian markets were less severely affected by the GFC and were accompanied by a reversal in volatility increase three years post-global financial crisis. Additionally, the public real estate markets studied have become more cyclically linked in recent years. This is particularly true at longer frequencies. Finally, these increased cyclical co-movements measure the outcomes of contagion and indicate fairly strong contagious effects between the public real estate markets examined due to the crisis. Research limitations/implications The implication of this research is that benefits to investors from international real estate diversification may not be as great during the present time compared to previous periods because national public real estate markets have become more correlated. Nevertheless, the findings do not imply the complete absence of diversification benefits. This is because although cyclical correlations increase in the short run, many of the correlation values are still between low and moderate range, indicating that some diversification benefits may still be realized. Practical implications Given the significant market share and the highest levels of securitization in Asia-Pacific markets including JP, HK/China, and SG, this cyclical research including major public real estate markets has practical implications for ongoing international real estate investment strategies, particularly for the USA/UK and Asian portfolio managers. Originality/value This paper contributes to the limited research on the cyclical return and co-movement dynamics among major public real estate markets during financial/economic crisis in international finance. Moreover, the frequency-domain analysis conducted in this paper adds to better understanding regarding the impact of GFC on the cyclical return volatility and co-movement dynamics of major developed public real estate markets in international investing.

Bait pricing: evaluating the success of regulatory reform in advertising

2014 ◽  
Vol 7 (3) ◽  
pp. 333-345
Author(s):  
Valerie Kupke ◽  
Peter Rossini ◽  
Paul Kershaw
Keyword(s):  
Real Estate ◽  
Home Ownership ◽  
Regulatory Reform ◽  
The State ◽  
Percentage Change ◽  
Price Difference ◽  
Content Type ◽  
Legislative Reform ◽  
Market Values ◽  
Before And After

Purpose – The purpose of this paper is to evaluate the effectiveness of this legislative reform in the state of South Australia (SA) through an examination of the relationship between listed or advertised price and transaction prices before and after the changes in regulation. Between 2000 and 2008, legislative changes took place throughout Australia to make real-estate transactions more transparent and to deal with misleading conduct by real-estate agents. The practice of “charm” or “bait” pricing was targeted. This denotes the under-quoting of estimated selling prices in real-estate sale advertisements which can be considered deceptive or even fraudulent. Design/methodology/approach – The study area is Adelaide, the state capital of SA and includes analysis of first and last advertised prices and eventual selling price for > 120,000 residential sales transactions over a nine-year period between 2003 and 2011. The analysis to test these hypotheses included, first, a descriptive evaluation of the percentage price difference over time and a spatial breakdown of mean percentage price difference before and after legislation. Second, for each hypothesis, the change was tested by measuring the variance of the percentage change, with significance established through the Levene and Brown–Forsythe tests, rather than by the mean percentage change. Findings – The results, both descriptive and statistical, support the effectiveness of the reform in legislation. Research limitations/implications – The study has application in terms of agents as social gatekeepers and confirms the role of regulation to ensure market values are achieved and consumers not disadvantaged. With friction in the market, imperfect information and the possible behavioural responses of land agents, there may be incomplete market correction of underpricing strategies. This paper confirms the effectiveness of one such market intervention. Social implications – Some half a million dwellings are purchased in Australia every year. Annually, in the state of SA, some 53,000 dwellings are financed to be purchased or built. These levels of purchase reflect national home ownership rates of about 69 per cent, with some 33 per cent of Australians owning their houses outright and a growing number, some 36 per cent, owners with a mortgage. Australian households also move house relatively frequently. In 2008, 43 per cent of Australians reported moving in the previous 5 years, 15 per cent had moved 3 or more times. The most common reasons for moving were twofold, either to buy a house or to buy a bigger house. These levels of purchase, home ownership and mobility underpin the importance and viability of some 10,000 real-estate services businesses in Australia; a sector which, up to 2,000, was largely self-regulated. Originality/value – This paper is one of the first in Australia to effectively quantify the success of legislative reform on residential agency behaviour.

Sign in / Sign up

Export Citation Format

Share Document