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The most commonly observed risk averse behavior in the commercial real estate market is loss aversion on the part of investors; i.e., investors are more sensitive to prospective losses than to prospective gains. This observation leads to the natural question : Does the market rationally anticipate investors' loss aversion? If not, then does loss aversion become stronger in a relatively illiquid market? The answer to these questions provides strategically important implications to institutional investors. We propose to explore the impact of loss aversion on the commercial real estate market by testing two competing hypotheses : (1) the rational market expectation hypothesis and (2) the liquidity spiral hypothesis. The rational market expectation hypothesis holds that the market rationally anticipates investors' behavioral loss aversion. As a result, the interaction between lagged market liquidity and loss aversion does not have an impact on the probability of property sales. On the other hand, the liquidity spiral hypothesis holds that the interaction between market liquidity and loss aversion has an impact on the probability of property sales due to the self-fulfilling feedback effect between loss aversion and market liquidity. In the context of REITs' property transactions, we find partial evidence for the liquidity spiral hypothesis : private market liquidity and stock market liquidity each has an additional impact on the sale probability of property.

This study aims to investigate customers’ churning out of Internet Protocol Television (IPTV) service, one of the most prevalent forms of IT convergence.

Based on the review of current literature, a research model is introduced to depict the effects of select independent variables on customer churning behavior. First of all, the two groups are compared in terms of predictor variables, including switching barriers, voice of customer (VOC), membership period and degree of contents usage. Then, a curvilinear regression was applied to understand the association relationship between the level of IPTV contents usage and variables of switching barriers, VOC and membership period. Third, a logit regression was performed to predict customer churning through the variables of switching barriers, VOC, membership period and level of IPTV contents usage.

Through the empirical analysis, this study analyzed the factors affecting customer churning behavior of IPTV service providers based on switching barriers, VOC and contents usage.

Although several studies on IPTV have been undertaken globally, they have largely depended on self-reporting surveys to examine dynamics between antecedent variables and IPTV performance in terms of customer satisfaction, usage intension and customer retention. This empirical study is performed to understand influential factors of IPTV service defection through the weblog analysis of 3,906 service users, who represented both service defectors and non-defectors during a specific month.