scholarly journals Tax increment financing and major league venues

2020 ◽  
Vol 10 (4) ◽  
pp. 495-517
Author(s):  
Robert Sroka
Keyword(s):  
Real Estate ◽  
Future Research ◽  
Real Estate Development ◽  
Tax Increment Financing ◽  
General Reference ◽  
Data Set ◽  
Content Type ◽  
Capital Costs ◽  
Major League ◽  
Sports Venues

PurposeThis article intends to shine a light on venue-related tax increment financing (TIF) through the first comprehensive inventory of its use at the major league level.Design/methodology/approachFor each 2018 venue in the five North American major leagues, data was collected on TIF contributions to direct venue capital costs as well as to projects using TIF to enable real estate development ancillary to a venue. Neighborhoods surrounding a venue were also assessed for the presence of a TIF district. With both the direct and ancillary elements, data was collected from government, industry, academic, mapping and media sources. A review of this data set and findings are followed by a discussion of implications and directions for future work.FindingsOver one-third of the TIF eligible permanent stadiums and arenas studied in the five major leagues have a direct or strong TIF connection. Direct TIF contributions to sports venues, as well as TIF use intended to generate real estate development around these venues, are most frequent and financially significant in arenas and soccer-specific stadiums. Additionally, arena and stadium projects using TIF often accompany ancillary real estate development.Originality/valueA primary purpose of this article is to provide a previously missing general reference resource to governments and citizens of jurisdictions considering facility TIF use on the scope, nature, extent and identity of TIF projects related to major league sports venues. More generally, the inventory and assessment of TIF use in professional sports venues offered by this article sets the stage for future research on associative relationships between TIF contributions and facility finance outcomes as well as the normative value of venue-related TIF.

Real estate development in the city of Athens during the financial crisis

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Maria Nikitidou ◽  
Fragiskos Archontakis ◽  
Athanasios Tagkalakis
Keyword(s):  
Financial Crisis ◽  
Real Estate ◽  
Structural Characteristics ◽  
House Prices ◽  
Real Estate Market ◽  
Structural Factors ◽  
Data Set ◽  
Content Type ◽  
Capital Financing ◽  
The City

Purpose This study aims to determine how the prices of residential properties in the Greek real estate sector are affected by their structural characteristics and by the prevailing economic factors during recession. Design/methodology/approach Based on 13,835 valuation reports for the city of Athens, covering a period of 11 years (2006–2016), this study develops a series of econometric models, taking into account both structural characteristics of the property market and the macroeconomic relevant variables. Finally, the city of Athens is divided into sub-regions and the different effects of the structural factors in each area are investigated via spatial analysis confirming the validity of the baseline model. Findings Findings show that the size, age, level, parking and storage space can explain the property price movements. Moreover, the authors find evidence that it is primarily house demand variables (e.g. the annual average wage, the unemployment rate, the user cost of capital, financing constraints and expectations about the future course of the house market) that affect house prices in a statistically significant manner and with the correct sign. Finally, using a difference-in-differences approach, this study finds that an increase in house demand (on account of net migration) led to higher house prices in smaller and older than in larger and younger apartments in areas with high concentration of immigrants. Originality/value This study uses a novel data set to help entities, individuals and policy-makers to understand how the recent economic and financial crisis has affected the real estate market in Athens.

House price index (HPI) and Covid-19 pandemic shocks: evidence from Turkey and Kazakhstan

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yeşim Aliefendioğlu ◽  
Harun Tanrivermis ◽  
Monsurat Ayojimi Salami
Keyword(s):  
Real Estate ◽  
Price Index ◽  
Housing Prices ◽  
House Price ◽  
Monthly Basis ◽  
Data Set ◽  
House Price Index ◽  
Content Type ◽  
Asymmetric Pricing ◽  
Long Run

Purpose This paper aims to investigate asymmetric pricing behaviour and impact of coronavirus (Covid-19) pandemic shocks on house price index (HPI) of Turkey and Kazakhstan. Design/methodology/approach Monthly HPIs and consumer price index (CPI) data ranges from 2010M1 to 2020M5 are used. This study uses a nonlinear autoregressive distributed lag model for empirical analysis. Findings The findings of this study reveal that the Covid-19 pandemic exerted both long-run and short-run asymmetric relationship on HPI of Turkey while in Kazakhstan, the long-run impact of Covid-19 pandemic shock is symmetrical long-run positive effect is similar in both HPI markets. Research limitations/implications The main limitations of this study are the study scope and data set due to data constraint. Several other macroeconomic variables may affect housing prices; however, variables used in this study satisfy the focus of this study in the presence of data constraint. HPI and CPI variables were made available on monthly basis for a considerably longer period which guaranteed the ranges of data set used in this study. Practical implications Despite the limitation, this study provides necessary information for authorities and prospective investors in HPI to make a sound investment decision. Originality/value This is the first study that rigorously and simultaneously examines the pricing behaviour of Turkey and Kazakhstan HPIs in relation to the Covid-19 pandemic shocks at the regional level. HPI of Kazakhstan is recognized in the global real estate transparency index but the study is rare. The study contributes to regional studies on housing price by bridging this gap in the real estate literature.

The emerging role of coopetition within inter-firm relationships

2019 ◽  
Vol 30 (2) ◽  
pp. 414-437 ◽  
Author(s):  
Zach Zacharia ◽  
Michael Plasch ◽  
Usha Mohan ◽  
Markus Gerschberger
Keyword(s):  
Resource Dependence ◽  
Empirical Support ◽  
Resource Dependence Theory ◽  
Structured Interview ◽  
Future Research ◽  
Multiple Perspectives ◽  
Content Type ◽  
Capital Costs ◽  
Interview Process ◽  
A Value

Purpose Increasing environmental uncertainty, more demanding customers, rapid technological growth and rising capital costs have all forced firms to evolve from collaborating with buyers and suppliers to collaborating with their competitors and that is called coopetition. The purpose of this paper is to better understand the antecedents and outcomes associated with coopetition. Design/methodology/approach Building from the existing literature and three theoretical foundations, resource-based theory, resource dependence theory and game theory, the authors develop a model showing the antecedents and outcomes of coopetition and associated propositions of coopetition. Using a semi-structured interview process of 21 industry executives, the authors offer empirical support for the proposed coopetition model and propositions. Findings Firms are increasingly dependent on the knowledge and expertise in external organizations to innovate, solve problems and improve supply chain performance. This research suggests that there is a value for firms to consider coopetition as a part of their inter-firm strategies. Research limitations/implications The semi-structured interview process used in this research provided a wealth of information and executive experiences in coopetition. The interviews, however, only provide a single perspective of collaborative engagements with competitors. Multiple perspectives of each project would add value to this research. Originality/value Collaboration among buyers and suppliers have been well researched; however, there has not been as much research on coopetition. This research provides a new area for future research for academics and offers suggestions for managers to improve the effectiveness and efficiency of their coopetition projects.

Impact of business model innovations on SME’s innovativeness and performance

2019 ◽  
Vol 14 (4) ◽  
pp. 521-539 ◽  
Author(s):  
Rimantas Gatautis† ◽  
Egle Vaiciukynaite ◽  
Asta Tarute
Keyword(s):  
Business Model ◽  
Structural Equation ◽  
Positive Impact ◽  
Equation Modeling ◽  
Future Research ◽  
Data Set ◽  
Content Type ◽  
Innovation Activities ◽  
Organizational Inertia ◽  
Multiple Characteristics

Purpose Business model innovations (BMIs), their drivers and outcomes are attracting increasing attention in academic literature. However, previous studies have mainly focused on large companies, while knowledge of BMI in small-to-medium-sized enterprises (SMEs) is limited. Therefore, the purpose of this paper is to add new insights into how related BMI drivers, practices and outcomes are in relation to SMEs. Design/methodology/approach An extensive review of the existing literature was performed. Consequently, the relationships between BMI drivers, BMI practices and outcomes of BMI were developed as a conceptual framework. An empirical study was carried out. A structural equation modeling (SEM) procedure was used to empirically test the model using a quantitative data set of Lithuanian SMEs (n=73). Findings The study provides insights into the relations between BMI drivers, BMI practices and outcomes of BMI in SMEs. The findings of SEM, four drivers (innovation activities, strategic orientation, market and technology turbulence, respectively) are indicated to contribute to BMI of SMEs. In addition, the results proved that the implementation of BMI practices leads to strategic and architectural changes in firms and has a positive impact on SMEs performance and innovativeness. Research limitations/implications Empirical research is focused on a limited number of internal and external BMI drivers, which have an influence on BMI in SMEs from one geographical region. Consequently, there are many external and internal BMI drivers which also may have an influence on BMI in SMEs, such as industry life cycle, organizational inertia and leadership. Meanwhile, SMEs possess multiple characteristics, i.e. a phase of maturity, gender of CEO, firm size and industry; therefore, the aforesaid aspects are considered to be significant limitations. In addition, the importance of SMEs characteristics as mediators for the effects on a firm’s performance and innovativeness should be considered in future research avenues. Practical implications Findings of this research can be used by SME managers to better understand how firms might actively engage in BMI practices, what drivers lead to BMI and, in turn, affect their firm’s performance and innovativeness. SME managers should be encouraged to pay attention to strategic and architectural changes of BM that can contribute to enterprise performance and innovativeness. Originality/value This paper adds to the stream of BMI research by empirically exploring drivers and outcomes of BMI in SMEs. In addition, this paper fulfills research gaps proposed by Bouwman et al. (2018), Foss and Saebi (2017), Heikkilä, Bouwman and Heikkilä (2018) and Lambert and Davidson (2013), and enhances the current overall understanding of BMIs.

Audit roles and the review process: workpaper preparers’ and reviewers’ differing perspectives

2019 ◽  
Vol 34 (4) ◽  
pp. 438-461 ◽  
Author(s):  
Brandon Ater ◽  
Christine Gimbar ◽  
J. Gregory Jenkins ◽  
Gabriel Saucedo ◽  
Nicole S. Wright
Keyword(s):  
Review Process ◽  
Future Research ◽  
Senior Managers ◽  
Data Set ◽  
Accounting Firms ◽  
Content Type ◽  
Face To Face ◽  
Process Characteristics ◽  
Workpaper Review ◽  
The Face

Purpose This paper aims to examine the perceptions of auditor roles on the workpaper review process in current audit practice. Specifically, the paper investigates how an auditor’s defined role leads to perceived differences in what initiates the workpaper review process, the preferred methods for performing reviews and the stylization or framing of communicated review comments. Design/methodology/approach A survey was administered in which practicing auditors were asked about workpaper review process prompts, methods and preferences. The survey was completed by 215 auditors from each of the Big 4 accounting firms and one additional international firm. The final data set consists of quantitative and qualitative responses from 25 audit partners, 33 senior managers, 30 managers, 75 in-charge auditors/seniors and 52 staff auditors. Findings Findings indicate reviewers and preparers differ in their perceptions of the review process based on their defined roles. First, reviewers and preparers differ in their perspectives on which factors initiate the review process. Second, the majority of reviewers and preparers prefer face-to-face communication when discussing review notes. Reviewers, however, are more likely to believe the face-to-face method is an effective way to discuss review notes and to facilitate learning, whereas preparers prefer the method primarily because it reduces back-and-forth communication. Finally, reviewers believe they predominantly provide conclusion-based review notes, whereas preparers perceive review notes as having both conclusion- and documentation-based messages. Research limitations/implications This paper advances the academic literature by providing a unique perspective on the review process. Instead of investigating a single staff level, it examines the workpaper review process on a broader scale. By obtaining views from professionals across all levels, this work intends to inspire future research directed at reconciling differences and filling gaps in the review process literature. The finding that reviewers and preparers engage in role conformity that leads to incongruent perceptions of the review process should encourage the consideration of mechanisms, with the potential to be tested experimentally, by which to reconcile the incongruities. Practical implications Results support recent regulator concerns that there are breakdowns in the workpaper review process, and the findings provide some insight into why these breakdowns are occurring. Incongruent perceptions of review process characteristics may be the drivers of these identified regulatory concerns. Originality/value This is the first study to examine current workpaper review processes at the largest accounting firms from the perspective of both preparers and reviewers. From this unique data set, one key interpretation of the findings is that workpaper preparers do not appear to recognize a primary goal of the review process: to ensure that subordinates receive appropriate coaching, learning and development. However, workpaper reviewers do, in fact, attempt to support preparers and work to create a supportive team environment.

Spatial analysis of Twitter sentiment and district-level housing prices

2019 ◽  
Vol 12 (2) ◽  
pp. 173-189
Author(s):  
Christopher Hannum ◽  
Kerem Yavuz Arslanli ◽  
Ali Furkan Kalay
Keyword(s):  
News Media ◽  
Housing Prices ◽  
District Level ◽  
Future Research ◽  
Scoring Method ◽  
Cross Sectional ◽  
Data Set ◽  
Content Type ◽  
Property Prices ◽  
Price Appreciation

Purpose Studies have shown a correlation and predictive impact of sentiment on asset prices, including Twitter sentiment on markets and individual stocks. This paper aims to determine whether there exists such a correlation between Twitter sentiment and property prices. Design/methodology/approach The authors construct district-level sentiment indices for every district of Istanbul using a dictionary-based polarity scoring method applied to a data set of 1.7 million original tweets that mention one or more of those districts. The authors apply a spatial lag model to estimate the relationship between Twitter sentiment regarding a district and housing prices or housing price appreciation in that district. Findings The findings indicate a significant but negative correlation between Twitter sentiment and property prices and price appreciation. However, the percentage of check-in tweets is found to be positively correlated with prices and price appreciation. Research limitations/implications The analysis is cross-sectional, and therefore, unable to answer the question of whether Twitter can Granger-cause changes in housing markets. Future research should focus on creation of a property-focused lexicon and panel analysis over a longer time horizon. Practical implications The findings suggest a role for Twitter-derived sentiment in predictive models for local variation in property prices as it can be observed in real time. Originality/value This is the first study to analyze the link between sentiment measures derived from Twitter, rather than surveys or news media, on property prices.

Skills and knowledge management in higher education: how service learning can contribute to social entrepreneurial competence development

2019 ◽  
Vol 23 (10) ◽  
pp. 1925-1948 ◽  
Author(s):  
Jantje Halberstadt ◽  
Jana-Michaela Timm ◽  
Sascha Kraus ◽  
Katherine Gundolf
Keyword(s):  
Service Learning ◽  
Social Entrepreneurship ◽  
Qualitative Content Analysis ◽  
Educational Practice ◽  
Future Research ◽  
Small Data ◽  
Learning Approaches ◽  
Structured Interviews ◽  
Data Set ◽  
Content Type

Purpose The purpose of this paper is to elaborate on how service learning approaches are able to foster social entrepreneurship competences. The aim of the paper is to formulate a framework of key competences for social entrepreneurship and to give first insights in how service learning actually has an impact on change in students’ set of competences. Design/methodology/approach This paper uses a mixed-methods approach combining qualitative data collectionmethods of learning diaries of the students and semi-structured interviews, including 40 master’s students studying at a German university in interdisciplinary learning settings and five instructors from the same universities. Analysis was carried out by means of qualitative content analysis. Findings This paper provides empirical insights about the competences that are being fostered by service learning. From these, a framework for social entrepreneurship competences is being derived. Research limitations/implications The set of competences should be further investigated, as it was derived out of a small data set. Therefore, researchers are encouraged to use the set of competences for social entrepreneurship as a basis for future research and on a longer-term perspective, which lead to substantial implications for educational practice. Practical implications This paper includes implications for new perspectives on service learning in the light of the development of a relevant framework for social entrepreneurship competence, having significant implications for educational practice in social entrepreneurship education. Originality/value With this paper, the authors fulfill the need of a framework of social entrepreneurship competences that serves as a foundation for educational practice and further research in the context of service learning and beyond.

Spatial effects and non-linearity in hedonic modeling

2018 ◽  
Vol 36 (1) ◽  
pp. 32-49 ◽  
Author(s):  
Marcelo Cajias ◽  
Sebastian Ertl
Keyword(s):  
Real Estate ◽  
Functional Form ◽  
Asymptotic Properties ◽  
Additive Model ◽  
Percentage Error ◽  
Spatial Effects ◽  
Hedonic Models ◽  
Data Set ◽  
Content Type ◽  
Out Of Sample

Purpose The purpose of this paper is to test the asymptotic properties and prediction accuracy of two innovative methods proposed along the hedonic debate: the geographically weighted regression (GWR) and the generalized additive model (GAM). Design/methodology/approach The authors assess the asymptotic properties of linear, spatial and non-linear hedonic models based on a very large data set in Germany. The employed functional form is based on the OLS, GWR and the GAM, while the estimation methodology was chosen to be iterative in forecasting, the fitted rents for each quarter based on their 1-quarter-prior functional form. The performance accuracy is measured by traditional indicators such as the error variance and the mean squared (percentage) error. Findings The results provide evidence for a clear disadvantage of the GWR model in out-of-sample forecasts. There exists a strong out-of-sample discrepancy between the GWR and the GAM models, whereas the simplicity of the OLS approach is not substantially outperformed by the GAM approach. Practical implications For policymakers, a more accurate knowledge on market dynamics via hedonic models leads to a more precise market control and to a better understanding of the local factors affecting current and future rents. For institutional researchers, instead, the findings are essential and might be used as a guide when valuing residential portfolios and forecasting cashflows. Even though this study analyses residential real estate, the results should be of interest to all forms of real estate investments. Originality/value Sample size is essential when deriving the asymptotic properties of hedonic models. Whit this study covering more than 570,000 observations, this study constitutes – to the authors’ knowledge – one of the largest data sets used for spatial real estate analysis.

Application of DSM in process management of a PE commercial real estate development project

2018 ◽  
Vol 36 (1) ◽  
pp. 20-36
Author(s):  
Guofeng Ma ◽  
Tiancheng Zhu
Keyword(s):  
Real Estate ◽  
Process Model ◽  
Process Management ◽  
Development Project ◽  
Commercial Real Estate ◽  
Real Estate Development ◽  
Content Type ◽  
Design Structure ◽  
Dependency Model ◽  
Objective Basis

Purpose After the drawbacks in the process management of China PE commercial real estate development project are analyzed, it is necessary to introduce a more integrated and advanced tool to solve them. The paper aims to discuss this issue. Design/methodology/approach A standard process model was proposed first. Based on the model, a coupled activity dependency model was also built by structural tool design structure matrix (DSM), the detailed matrix involving 119 activities and 322 information dependencies. Next, two large processes coupled blocks were generated by the sequencing algorithm and tearing algorithm. Then, the general simulation framework with rework probability and rework effect was introduced to do empirical research for one of the activities blocks due to the merit of solving rework of DSM. Findings These results showed that key activities were rearranged, that information interactive scope for them was optimized and that collaborative organization interface was built. And the expected duration after simulation was 131 days at 90 percent percentile, providing the objective basis of process arrangement to some extent and decreasing the risk of prospective yields during fund period. Originality/value This paper is a qualitative and quantitative practical research for the process management of PE commercial real estate development projects in China based on a real project which has begun construction in 2014.

A real estate development model for Turkey: real estate certificates and integrated project delivery

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Eymen Cagatay Bilge
Keyword(s):  
Real Estate ◽  
Delivery System ◽  
Development Process ◽  
Project Delivery ◽  
Real Estate Development ◽  
Integrated Project Delivery ◽  
Content Type ◽  
The Real Estate ◽  
Technological Developments ◽  
Integrated Project

PurposeTechnological developments are having an impact on the construction sector and are creating a paradigm shift in project delivery methods. Traditional project delivery systems are inadequate in current project development processes. A more integrated project delivery system and the establishment of contractual and financial structures are needed. The purpose of this study is to incorporate integrated project delivery and real estate certificate concepts and propose a model for real estate development.Design/methodology/approachAs a methodology, both integrated project delivery and real estate certificate concepts are reviewed individually, and a case to real estate certificate in Turkey is examined.FindingsA real estate certificate is a new method for financing the development process. The system covers the financial dimension of the integrated project delivery system. When these two concepts are combined, they provide an alternative to the real estate development process.Research limitations/implicationsThis study is a preliminary study and lays the foundation for future studies.Practical implicationsIn theory, both concepts have many advantages, in practice, it is essential to create the necessary legal basis for these advantages to be valid. As this process requires significant planning and contract management, the proposed model must be properly designed at the start of the project.Originality/valueThis study proposes a new model for real estate development by combining integrated project delivery and real estate certificate concepts.

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