Real estate is the last major asset class without liquid derivatives markets. The reasons for that are not fully known or understood. Therefore, the purpose of this paper is to…
Abstract
Purpose
Real estate is the last major asset class without liquid derivatives markets. The reasons for that are not fully known or understood. Therefore, the purpose of this paper is to better understand the main factors that influence the propensity of commercial real estate investors in the UK to employ property derivatives.
Design/methodology/approach
The research methodology that was chosen for this research is grounded theory which, in its original form, goes back to Glaser and Strauss (1967). A total of 43 interviews were conducted with 46 real estate professionals in the UK from property investment management firms (investing directly or indirectly in real estate), multi-asset management firms, real estate investment trusts, banks, and brokerage and advisory firms, among others.
Findings
The research results show 29 factors that influence the propensity of direct and indirect real estate investors in the UK to employ property derivatives. Out of the 29 factors, the current research identified 12 factors with high-explanatory power, 6 with a contributing role and 11 with low explanatory power. Moreover, factors previously discussed in the literature are tested and assessed as to their explanatory power. The focus of this paper is on those factors with high-explanatory power. From the research data, three main reasons have been identified as the sources of investor reluctance to trade in property derivatives. The first and main reason is related to a mismatch between motivations of property investment managers and what can be achieved with the instruments. The second reason, which ties in with the first one, is a general misunderstanding as to the right pricing technique of property derivatives. Finally, the third reason is a general lack of hedging demand from the investor base owing to the long investment horizons through market cycles.
Research limitations/implications
The research contributes to the literature on property derivatives in various ways. First, it extends the literature on market hurdles in property derivatives markets by testing and extending the hurdles that were proposed previously. Second, the research shows that the existing pricing models need to be extended in order to account for the risk perception of practitioners and their concerns with regard to liquidity levels.
Practical implications
For both theory and practice, the research has shown some limitations in using property derivatives for purposes such as creating index exposure or hedging. Another contribution, in this case to practice, is that this study provides a clearer picture as to the reasons that keep property investment managers away from using property derivatives.
Originality/value
The research results indicate that liquidity per se is not a universal remedy for the problems in the market. In addition to the need for improving the understanding of the pricing mechanism, practitioners should give more thought to the notion of real estate market risk and the commensurate returns that can reasonably be expected when they take or reduce it. This implies that property index futures currently do not price like those on any other investable asset class.
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Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely…
Abstract
Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.
Susan Frelich Appleton and Susan Ekberg Stiritz
This paper explores four works of contemporary fiction to illuminate formal and informal regulation of sex. The paper’s co-authors frame analysis with the story of their creation…
Abstract
This paper explores four works of contemporary fiction to illuminate formal and informal regulation of sex. The paper’s co-authors frame analysis with the story of their creation of a transdisciplinary course, entitled “Regulating Sex: Historical and Cultural Encounters,” in which students mined literature for social critique, became immersed in the study of law and its limits, and developed increased sensitivity to power, its uses, and abuses. The paper demonstrates the value theoretically and pedagogically of third-wave feminisms, wild zones, and contact zones as analytic constructs and contends that including sex and sexualities in conversations transforms personal experience, education, society, and culture, including law.
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Juan-Pablo Osman and Nancy R. Gómez
This chapter analyses the pilot episode of the ABC TV series Charlie's Angels (Spelling & Goldberg, 1976–1981) and the latest film of this media franchise, Charlie's Angels …
Abstract
This chapter analyses the pilot episode of the ABC TV series Charlie's Angels (Spelling & Goldberg, 1976–1981) and the latest film of this media franchise, Charlie's Angels (Banks, 2019). The chapter undertakes an analysis of the three main characters in the series pilot and the three starring roles in the film, applying methodologies proposed by the cinematic poetic formalism (Bordwell & Thompson, 2006) and observing specifically the roles and motivations of these six women from a feminist perspective. On the one hand, the TV pilot engages with several of the main premises of the second-wave feminism that was in full swing at the time the series was released. On the other hand, the 2019 film was launched in the contemporary era of post-feminism, reflecting a number of the concerns that shape the post-feminist agenda. However, the main argument of this chapter is that both the series pilot released in 1976 and the 2019 film construct ambivalent feminist narratives. The analysis reveals that the Charlie's Angels franchise fluctuates between characteristics that can be labelled as feminist discourses, but also as replicators of a patriarchal model. Forty-six years later, while a few things have changed for the Angels, we argue that the characters and franchise have not lived up to its potential as a transformative feminist text.
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Alisha Tuladhar, Michael Rogerson, Juliette Engelhart, Glenn C. Parry and Birgit Altrichter
Firms are increasingly pressured to comply with mandatory supply chain transparency (SCT) regulations. Drawing on information processing theory (IPT), this study aims to show how…
Abstract
Purpose
Firms are increasingly pressured to comply with mandatory supply chain transparency (SCT) regulations. Drawing on information processing theory (IPT), this study aims to show how blockchain technology can address information uncertainty and equivocality in assuring regulatory compliance in an interorganizational network (ION).
Design/methodology/approach
IPT is applied in a single case study of an ION in the mining industry that aimed to implement blockchain to address mandatory SCT regulations. The authors build on a rich proprietary data set consisting of interviews and substantial secondary material from actors along the supply chain.
Findings
The case shows that blockchain creates equality between actors, enables compliance and enhances efficiency in an ION, reducing information uncertainty and equivocality arising from conflict minerals regulation. The system promotes engagement and data sharing between parties while protecting commercial sensitive information. The lack of central authority prevents larger partners from taking control. The system provides mineral provenance and a regulation-compliant record. System cost analysis shows that the system is efficient as it is inexpensive relative to volumes and values of metals transacted. Issues were identified related to collecting richer human rights data for assurance and compliance with due diligence regulations.
Originality/value
The authors provide some of the first evidence in the operations and supply chain management literature of the specific architecture, costs and limitations of using blockchain for SCT. Using an IPT lens in an ION setting, the authors demonstrate how blockchain-based systems can address two key IPT challenges: environmental uncertainty and equivocality.
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Ujwal Shankar, Vedant Kaul, Vikram Gupta and Neelesh Kumar Mishra
The study aims to address the limited understanding on the role of cognitive mechanisms in workplace ostracism (WO) and negative workplace behaviours (such as counterproductive…
Abstract
Purpose
The study aims to address the limited understanding on the role of cognitive mechanisms in workplace ostracism (WO) and negative workplace behaviours (such as counterproductive workplace behaviours (CWBs)) relation. Although the affective routes of this relationship have been extensively studied, the role of cognitive routes remains largely unexplored.
Design/methodology/approach
A parallel mediation model was developed to study the affective (emotional exhaustion) and the cognitive (felt accountability) mechanisms within the WO and CWBs relation. Regulatory focus theory was used to explain how these routes may influence CWB. Data for the study were gathered cross-sectionally, with common method bias checks. We analysed through Smart PLS for the measurement model and SPSS Hayes PROCESS macros for the structural model.
Findings
Study results corroborated the proposed model on the salience of the newly proposed cognitive pathway in relation to the affective route of the WO–CWB model.
Originality/value
This research underscores a novel cognitive pathway, felt accountability, in the WO–WB relation, expanding upon the predominantly affective-focused extant literature. Furthermore, the study outlines both theoretical and practical implications, along with highlighting limitations and potential directions for future inquiries.
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A growing body of management research is investigating how organizations can provide solutions to major social and ecological issues. Scholars suggested alternative organizations…
Abstract
Purpose
A growing body of management research is investigating how organizations can provide solutions to major social and ecological issues. Scholars suggested alternative organizations, in particular those that prioritize community and democratic decision-making, as more effective in engaging with societal challenges. The purpose of this paper is to explore cooperatives and their capacity in addressing them.
Design/methodology/approach
By engaging with the United Nations’ resources and the grand challenges literature in management, the authors first identified the core issues underlying each sustainable development goal. Next, the authors looked for empirical research on cooperatives that engage with those specific social and ecological issues. The authors articulated patterns as to how cooperatives address them and grouped them under five themes. The authors also articulated struggles where cooperatives fall short in fully addressing the issues at hand.
Findings
Based on the analysis, the authors identified five fundamental ways that cooperatives commit to and facilitate addressing challenges: providing economic gains for the many; facilitating access to essential resources; focusing on long-term community well-being; prioritizing ecological well-being; and promoting cooperation and partnership for justice. While most research on cooperatives illustrates these capacities, the authors also noted other studies that show struggles in various areas, most importantly in reducing inequalities.
Originality/value
While there is growing research on grand challenges, the literature has not paid attention to cooperatives and their capacity in tackling them. This paper comprehensively engages with four types of cooperatives and articulates how they facilitate addressing social and ecological issues. The findings contribute to organization design and grand challenges literatures as well as offer implications for broader management research.
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Nora Johanne Klungseth and Nils Olof Emanuel Olsson
This article aims to summarize Norwegian cleaning‐related research to give an overview of the knowledge held today and to categorize the approaches used.
Abstract
Purpose
This article aims to summarize Norwegian cleaning‐related research to give an overview of the knowledge held today and to categorize the approaches used.
Design/methodology/approach
The research is based on an extensive literature search. Research contributions from 1814 until 2009 were studied, even though the main findings are from 1950. The different disciplines contributing to research are mapped and the contributions are categorized based on different research approaches, namely positivism, interpretivism, realism and idealism.
Findings
Norwegian cleaning‐related research experienced a burst in publications from the 1990s. The majority of Norwegian cleaning‐related research has been positivistic, mostly based on realism. The least common approach used was interpretivism‐idealism and interviews were the most frequently used method in interpretivisitc contribution. The article indicates a need for further broadening in research methods.
Research limitations/implications
Through categorizing existing knowledge the article will help when searching for information and thus stimulate more research as limited research exists within the field.
Practical implications
The paper represents a summary of the knowledge status in cleaning with a Norwegian perspective. It is believed that the general picture also has international relevance.
Social implications
Few researchers have investigated cleaning work from the perspective of cleaning personnel. It should also be noted that there has been little focus on the usability of buildings for cleaning personnel.
Originality/value
This article may be the first historical overview of Norwegian cleaning‐related research.
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Beatrice I.J.M. van der Heijden, Karen van Dam and Hans Martin Hasselhorn
The purpose of this paper is to examine potential predictors of nurses' intention to leave the nursing profession. Specifically, this study investigates whether perceptions of the…
Abstract
Purpose
The purpose of this paper is to examine potential predictors of nurses' intention to leave the nursing profession. Specifically, this study investigates whether perceptions of the interpersonal work environment, work‐home interference, and subsequent job satisfaction, would predict occupational turnover intentions beyond the impact of nurses' occupational commitment.
Design/methodology/approach
A questionnaire is completed twice, with a one‐year interval by 1,187 registered nurses. Data were collected between October 2002 and June 2003.
Findings
The outcomes of structural equation modelling analyses reveal that an unsupportive work environment, low leadership quality, and high work‐to‐home interference results in lower job satisfaction, which, in turn, predicts nurses' intention to leave the profession one year afterwards, when controls for occupational commitment. Work‐to‐home interference shows an additional, direct relationship with occupational turnover intentions.
Practical implications
The findings have implications for organizational and individual interventions, indicating that nurses' withdrawal from the profession may be prevented by extending nurses' social support at work, helping them to combine work with non‐work, and improving the leadership quality of their supervisors.
Originality/value
Job satisfaction and work‐context factors explain additional variance in intention to leave nursing, beyond the effect of occupational commitment. Leadership quality is the strongest predictor of intention to leave nursing. Job satisfaction plays an intervening role in the relationship between work context and intention to leave nursing.
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Pascal Paillé and Patrick Valéau
The purpose of this paper is to investigate the extent to which the influence of professional commitment on intention to leave a profession is contingent on the combined effect of…
Abstract
Purpose
The purpose of this paper is to investigate the extent to which the influence of professional commitment on intention to leave a profession is contingent on the combined effect of job search and sportsmanship.
Design/methodology/approach
The research is based on a sample of professional employees (N = 327). Moderated moderation was the approach used for testing the hypotheses.
Findings
Findings showed that the moderating effect of job search on the relationship between professional commitment and intention to leave a profession is higher at a low level of sportsmanship and lower when sportsmanship is high.
Originality/value
The research indicates that job search does not necessarily constitute a sign of acceleration of intention to leave one’s profession. In the case of professionals expressing a high level of sportsmanship, job search appears more like a precaution.