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The purpose of this paper is to investigate the role of distinct types of heating technology and their price impact in German residential real estate markets, considering a wide range of other housing market determinants. The authors aim to test and to verify specifically, whether the obsolescence of heating technology leads to a significant price discount and whether higher technological standards (and environmental friendliness) come with a price premium on the market.

The authors create housing market models for rental and sales segments by constructing generalized additive models with explicit multi-layered spatial components. To elaborate a profound and contemporary answer using these models, the authors perform large-sample regression analyses based on more than 400,000 observations covering German residential properties in 2015.

First and foremost, the heating system indeed shows significant explanatory importance for measuring housing rents and purchasing price. Second, the authors find that it makes a difference whether clean “green” technologies are implemented or whether “brown” systems with obsolete technology or fossil energy sources is on hand. Ultimately, the authors conclude that while low energy consumption indeed comes with a price premium, this needs to be interpreted together with the property’s heating type, as housing markets seem to outweigh the “green premium” by “brown discounts” if low energy consumption figures are powered by a certain type of heating technology system.

Aside of a possible omitted variable bias, the main research limitation is constituted by the integration of asking prices in the analysis, as actual transaction prices are not systematically transparent on national level in Germany. Limitations are discussed at the end of the paper.

This work supports investors who face the challenge of making environmental- and energy-related decisions as well as appraisers who deliver financial fundamentals for such. Third, the paper supports both asset managers as well as investment strategists in argumentation pro-environmental investments beyond all ecological necessity.

This paper contributes to the current discussion on climate change and the eclectic role of real estate in this context. The authors deliver evidence on pricing effects as a measure of socioeconomic acceptance of progressive heating technology and environmental friendliness as an imperative of twenty-first century societies.

This is the first study on “green premiums” or “brown discounts” that includes heating technology as a potential and distinct driver of value and rents. It is a contemporary contribution and delivers original information on the quantitative impact of contemporary and anachronistic technology in heating to researchers as well as investors and appraisers.

Smoke-free prison policies have been introduced in some countries, in part to address very high levels of tobacco use in people in prison. However, relapse rates post-release remain high. This papers aims to improve understanding of post-release smoking and/or vaping behaviour is necessary to inform support for a priority population.

The authors searched health, social science and criminal justice databases for studies about smoking/vaping behaviours among people released from smoke-free prisons. Studies were included if they reported primary data and were published between January 2017 and March 2024 in English; the population was adults/young people (16 yr+) imprisoned or formerly imprisoned, in prisons with comprehensive smoke-free policies; and at least one of the following was reported: pre-release intention to smoke, vape or remain abstinent post-release; smoking/vaping behaviour post-release and factors influencing smoking/vaping behaviour; attempts to quit again following post-release smoking/vaping relapse.

Nine studies met our criteria. The evidence base is small and mainly from the USA or Australia. Evidence continues to suggest that most people resume smoking after leaving a smoke-free prison. No new interventions have been successful in reducing relapse rates. No studies report on vaping post-release, although two studies report on perceived factors affecting smoking relapse post-release from prisons allowing vaping.

Given very high rates of relapse, there remains a significant need to better understand what approaches are feasible and acceptable for reducing return to smoking post-release.

This review updates the limited evidence on smoking behaviours after leaving a smoke-free prison.

This paper aims to examine the extent of price clustering in a selection of Islamic stocks listed in Indonesia, Malaysia and Pakistan and also investigates the determinants of the phenomenon at the firm level.

The author test the uniformity of price distribution in the selected securities. Then, the determinants of price clustering were investigated through multivariate analysis based on a binary logistic regression model. Following the arguments of Narayan et al. (2011), who emphasize the importance of considering firm heterogeneity when studying the phenomenon, the author conducts the empirical study at the firm level.

The evidence indicates that Islamic stocks show a mild level of price clustering. Only half of the stocks under analysis rejected the uniformity test in the distribution of prices. In these cases, investors exhibited a preference for prices ending at zero and five. The evidence does not confirm the cultural clustering theories. Price clustering is found to be positively associated with price level and relative bid-ask spread. Overall, the negotiation hypothesis, which predicts that investors prefer round prices to minimize the costs associated with negotiations, best explains most of our results.

The existence of price clustering is difficult to reconcile with the prediction of the efficient market hypothesis that prices should follow a random walk. Moreover, the evidence indicates that Muslim investors share a preference for round prices in some settings, under the assumption that Islamic stocks are mostly traded by Muslim investors.

To the author’s best knowledge, this is the first study to address the subject of price clustering in Islamic stocks.

The purpose of this paper is to examine Interactive Network Branding (INB) as an emergent process where the corporate identity and reputation of a small- and medium-sized enterprise (SME) are created through interpersonal interaction. The INB process is socially constructed through interaction between individual people who act on behalf of their companies in business relationships and networks.

The study is conceptual. Drawing on corporate branding literature, IMP research and empirical studies as well as short illustrative cases from SME contexts, the paper provides a conceptual description of INB and its sub-processes. Corporate branding literature offers conceptual understanding of corporate identity and reputation; the recent IMP-based studies offer an overview of current thinking within the paradigm, and the empirical studies and case examples from SMEs show the validity of the interpersonal approach for the INB.

The paper provides an enhanced understanding of INB in which interpersonal interaction lead to the creation of a corporate brand – as an integral part of the companies’ networking process. Three types of interpersonal interactions are distinguished: internal, external, and boundary spanning, the latter occurring at the borderline of the company and its environment. A process model of INB is proposed that specify the role of various interactions for the emerging process.

Since the paper is conceptual, further research is needed to study the INB process empirically and in more depth in different SME contexts and through differing interaction perspectives.

Managerial implications denote the crucial role of individuals in performing INB. Through interpersonal interactions, SMEs are able to create their identity and reputation, i.e. a strong corporate brand, and thereby to influence their network position.

This paper is one of the first attempts to link the IMP network approach with corporate branding literature, while focusing on the interpersonal interactions. The study builds bridges between these two distant but important research paradigms and contributes to each by developing a process perspective on corporate branding in business networks. This new approach to corporate branding seen through business interactions offers unique conceptual and managerial implications.

Employability is a key concept in higher education. Graduate employment rate is often used to assess the quality of university provision, despite that employability and employment are two different concepts. This paper will increase the understandings of graduate employability through interpreting its meaning and whose responsibility for graduate employability from the perspectives of four key stakeholders: higher education institutions, students, government and employers.

There are two stages to this literature review which was undertaken across bibliographic databases. The first stage builds a conceptual understanding of employability, relating to definition and how employability can be achieved and enhanced from the perspective of stakeholders. A structured search employing Boolean searches was conducted using a range of terms associated with key stakeholders. The second round of review drew on documentary analysis of official statements, declarations, documents, reports and position papers issued by key stakeholders in the UK, available online.

It reveals that responsibility for employability has been transferred by the UK government to higher education institutions, despite clear evidence that it needs to be shared by all the key stakeholders to be effective. In addition, there is a gap between employers' expectation for employability and the government's employability agenda.

This article highlights that solely using employment rate statistics as a key indicator for employability will encourage the practice of putting employers' needs above knowledge creation and the development of academic disciplines, with the consequence that higher education will become increasingly vocation driven.

The purpose of this paper is to integrate branding and higher education literature to conceptualize, develop, and empirically examine a model of university social augmenters’ brand equity.

Drawing on an empirical survey of 401 undergraduate students enrolled in private universities in Egypt, this study model was tested using structural equation modeling.

The findings reveal that university social augmenters’ reputation, coach-to-student interactions, and student-to-student interactions influence students’ satisfaction with social augmenters. The results also suggest that students satisfied with university social augmenters are more likely to exhibit outcomes of brand equity – namely, brand identification, willingness to recommend, and willingness to incur an additional premium cost.

The results offer managerial implications for university administrators in their quest to enrich students’ university experiences and build strong sub-brands within the university setting. University social augmenters are found to have strong brand equity manifestations and may hold the potential to differentiate university brands in an industry dominated by experience and credence.

This research contributes to the extant literature by filling two gaps in university branding literature. First, previous research has never unified separate streams of literature related to augmented services and brand equity. Second, limited conceptual and empirical research on university branding in general and university social augmentation in particular has been conducted in emerging markets, which has resulted in conceptual ambiguity for the key factors constructing students’ university social experiences.

The paper aims to provide empirical evidence of the impact of IFRS adoption on the value relevance of accounting information in the emerging market of Saudi Arabia.

The sample consists of 98 non-financial listed firms operating in Saudi Arabia from 2014 to 2019, representing the years before and after IFRS adoption. The authors apply basic and extended price models to examine the value relevance of select accounting figures.

The authors findings provide evidence that accounting information is, generally, value relevant to the Saudi Arabian capital market. However, mixed results exist for particular accounting variables. Both earnings and cash flows are value-relevant in the period before and after IFRS adoption; equity is only relevant in the post-adoption period. Furthermore, IFRS adoption also increases the explanatory power of earnings. An increase in the value relevance of earnings and equity hurts the value relevance of cash flows. The effects are moderated by leverage and dividend policy.

The authors contribute to the ongoing discussion of the economic effects of IFRS adoption in emerging markets. The empirical findings show that initial concerns about IFRS adoption, as reflected by the negative coefficient within the regression analysis, are mitigated once the usefulness of the individual accounting variables published in financial statements is investigated.

The purpose of this paper is to investigate whether sentiment and mood, which are distinct theoretical concepts, can also be distinguished empirically.

Using a sample of German small-cap stocks and linear techniques, the effect of sentiment and mood on short-term abnormal stock return following earnings announcements is tested separately.

Mood tends to be a positive factor in predicting short-term abnormal stock return, as its biologically based impact uniformly affects the risk aversion of all market participants. Notably, negative mood influences stock return significantly negatively. Sentiment is no factor, however, as its cognitively based impact affects only unsophisticated investors, namely, their cash-flow expectations.

As the sample is restricted to small-cap stocks from a single stock market and only two proxies of sentiment and mood, respectively, are used, the findings should be generalized with caution. Future research might investigate other markets and employ different proxies of sentiment and mood.

Market participants should be aware of the different effect of sentiment and mood on stock return and adjust investment strategies accordingly.

As sophisticated investors are likely to profit from the irrational behavior of unsophisticated investors, who are prone to sentiment, the financial literacy of retail investors should be enhanced.

This paper is unique in distinguishing between sentiment and mood, both theoretically and empirically. Such distinction was largely ignored by related past research.

Using a sample of 9,898 firm-year observations from 1,821 unique Chinese listed firms over the period from 2004 to 2019, this study aims to investigate whether the market rewards meeting or beating analyst earnings expectations (MBE).

The authors use an event study methodology to capture market reactions to MBE.

The authors document a stock return premium for beating analyst forecasts by a wide margin. However, there is no stock return premium for firms that meet or just beat analyst forecasts, suggesting that the market is skeptical of earnings management by these firms. This market underreaction is more pronounced for firms with weak external monitoring. Further analysis shows that meeting or just beating analyst forecasts is indicative of superior future financial performance. The authors do not find firms using earnings management to meet or just beat analyst forecasts.

The authors provide evidence of market underreaction to meeting or just beating analyst forecasts, with the market's over-skepticism of earnings management being a plausible mechanism for this phenomenon.

The findings of this study are informative to researchers, market participants and regulators concerned about the impact of analysts and earnings management and interested in detecting and constraining managers' earnings management.

The authors provide new insights into how the market reacts to MBE by showing that the market appears to focus on using meeting or just beating analyst forecasts as an indicator of earnings management, while it does not detect managed MBE. Meeting or just beating analyst forecasts is commonly used as a proxy for earnings management in the literature. However, the findings suggest that it is a noisy proxy for earnings management.

This study examines the relation between the presence of analysts’ long-term growth (LTG) forecasts and the post-earnings-announcement drift (PEAD).

Using a sample of firm-quarters from 1995 to 2013, the author conducts various regression analyses.

The author finds that the magnitude of PEAD is significantly smaller for firms with LTG forecasts. The relationship holds after controlling for a wide range of explanatory variables for PEAD returns or for the presence of LTG forecasts. The author further investigates three nonexclusive hypotheses to explain this relationship. First, LTG forecasts may convey incremental value-relevant information that facilitates investors’ processing of short-term earnings information. Second, the presence of LTG forecasts may indicate superiority in analysts’ short-term forecast ability and identify firms with more efficient short-term forecasts. Third, the presence of LTG forecasts may be associated with cross-sectional differences in the persistence of earnings surprises. The author finds that none of these fully accounts for the negative relationship between the presence of LTG forecasts and PEAD returns. Instead, the relationship may be a result of the presence of LTG forecasts capturing some unobservable firm characteristics beyond those identified in prior studies.

This study contributes to the PEAD literature by identifying a novel analyst-based predictor of the cross-sectional variation in PEAD returns.