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Article
Publication date: 23 January 2025

Tor Kringeland, Ulf Jakob Flø Aarsnes and Are Oust

The purpose of this article is to test whether floor plan image segmentation can be used to improve automated valuation model (AVM) accuracy and whether image segmentation…

15

Abstract

Purpose

The purpose of this article is to test whether floor plan image segmentation can be used to improve automated valuation model (AVM) accuracy and whether image segmentation provides the opportunity to assess single aspects of property floor plans.

Design/methodology/approach

Using a dataset comprising floor plans of 5,498 apartments sold in Oslo, we estimate balcony sizes by image-segmenting the rooms in floor plans using our machine learning model FloorPlanNet and extracting the size of the balcony from the segmentation. We also extract balcony size using text recognition. Then we utilize two models for AVM estimation – hedonic regression (linear OLS) and the non-linear XGBoost model – before measuring feature importance using SHAP.

Findings

Our experiments show that including balcony size as a feature in AVMs enhances model performance. We also find that balcony size has a positive but diminishing impact on property price.

Research limitations/implications

Demonstrating that image segmentation can be used for valuation in AVMs opens up the possibility to value numerous other aspects of dwelling floor plans.

Practical implications

The use of floor plans in AVMs can provide a more objective valuation of single apartment floor plan aspects, giving architects and developers better insights into how homes should be designed.

Originality/value

To our knowledge, this is the first attempt to extract features for use in AVMs from floor plans.

Details

Journal of European Real Estate Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-9269

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Article
Publication date: 21 March 2022

Marte Flått, Jon Olaf Olaussen, Are Oust and Ole Jakob Sønstebø

This paper aims to investigate the likelihood and price effects of auction hijacking – transactions conducted before a planned auction – in the residential real estate market.

187

Abstract

Purpose

This paper aims to investigate the likelihood and price effects of auction hijacking – transactions conducted before a planned auction – in the residential real estate market.

Design/methodology/approach

Using a sample of 84,203 residential properties in Oslo, Norway for the period 2007–2017, the authors employ a probit sales choice model to study the likelihood of auction hijacking and hedonic models, fixed effects models and propensity score matching to investigate the price effects.

Findings

The authors find that auction hijacking is more likely to occur in periods of higher market activity and that hijacked auction properties sell at a premium of approximately 4% compared with properties sold at regularly conducted auctions. One possible explanation for the premium could be that risk aversion among buyers leads to a higher likelihood of hijacking offers and higher prices due to the risk reduction premium that sellers can extract.

Originality/value

For most households, buying a home is an investment of great economic significance, and understanding the different aspects of the auction is paramount for both buyers and sellers. Policymakers need to be aware of the market effects from auction hijacking and determine whether restrictions should be introduced.

Details

Journal of European Real Estate Research, vol. 15 no. 3
Type: Research Article
ISSN: 1753-9269

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Article
Publication date: 1 April 2004

Georgios I. Zekos

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way…

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Abstract

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

Details

Managerial Law, vol. 46 no. 2/3
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 5 December 2023

Ane Haugdal, Frode Kjærland, Levi Gårseth-Nesbakk and Are Oust

This study explores whether hard regulatory control decreases the level of earnings management in local governments. The implementation of a new regulatory approach by Norwegian…

197

Abstract

Purpose

This study explores whether hard regulatory control decreases the level of earnings management in local governments. The implementation of a new regulatory approach by Norwegian authorities provides the opportunity for an empirical study.

Design/methodology/approach

The authors adopt a two-stage strategy to investigate the existence of earnings management, using the Jones (1991) and modified Jones (Dechow et al., 1995) models to construct a random-effects model.

Findings

The authors test the hypothesis that, given decentralisation of control, there will be an increase in opportunistic financial reporting. This study's findings suggest that this is not the case, thereby indicating that a soft control regime does not diminish discipline in municipalities.

Practical implications

This study has practical implications for policymaking in the public sector. Its findings suggest that municipalities do not engage in more earnings management under a soft regulatory regime. Hence, other authorities should consider adopting a soft regulatory approach to controlling local governments and their financial reporting systems.

Originality/value

This study contributes to a growing body of literature regarding earnings management by local governments. The authors investigate a hypothesis previously untested in the literature by comparing the degree of earnings management under different regulatory control regimes.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 36 no. 3
Type: Research Article
ISSN: 1096-3367

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Article
Publication date: 20 April 2023

Endre J. Reite, Are Oust, Rebecca Margareta Bang and Stine Maurstad

This study aims to use a unique customer-information data set from a Norwegian bank to identify how small changes in firm-specific factors correlate with the risk of a client…

276

Abstract

Purpose

This study aims to use a unique customer-information data set from a Norwegian bank to identify how small changes in firm-specific factors correlate with the risk of a client subsequently being involved in suspicious transactions. It provides insight into the importance of updating client risk based on changes in transaction volume and credit risk to enable effective resource use in transaction monitoring.

Design/methodology/approach

Changes in a firm’s bank use and accounting data were tested against subsequent flagged and reported customers to identify which changes led to a significant increase in the probability of engaging in a transaction identified as suspicious. Prioritizing resources to firms that remain suspicious after further controls can improve the risk-based approach and prioritize detection efforts. The main factors were customer probability of default (credit score), size and changes in customer characteristics. The cross-sectional data set contained administrative data on 8,538 corporate customers (219 with suspicious transactions that were subsequently flagged, 64 of which were reported). A binomial logit model was used.

Findings

Changes in transaction volume and bank use are significant in predicting subsequent suspicious transactions. Customer credit score changes were significantly positively correlated with the likelihood of flagging and reporting. Change is a stronger indicator of suspicious transactions than the level. Thus, frequent updating of client risk and using a scale rather than risk categories can improve client risk monitoring. The results also showed that the current anti-money laundering (AML) system is size-dependent; the greater the change in customer size, the greater the probability of the firm subsequently engaging in a suspicious transaction.

Research limitations/implications

Client risk classification, monitoring changes in a client’s use of the bank and business risk should receive more attention.

Practical implications

The authors demonstrate that client risk classifications should be dynamic and sensitive to even small changes, including monitoring the client’s credit risk changes.

Social implications

Directing AML efforts to clients with characteristics indicating risk and monitoring changes in factors contributing to risk can increase efficiency in detecting money laundering.

Originality/value

To the best of the authors’ knowledge, this is the first study to focus on changes in a firm's use of a bank and link this to the probability of detecting a suspicious transaction.

Details

Journal of Money Laundering Control, vol. 26 no. 6
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 27 May 2021

Simen Dalland, Randi Hammervold, Henrik Tangen Karlsen, Are Oust and Ole Jakob Sønstebø

This paper aims to study aggressive bidding strategies in real estate auctions – a structural equation modelling (SEM) approach.

356

Abstract

Purpose

This paper aims to study aggressive bidding strategies in real estate auctions – a structural equation modelling (SEM) approach.

Design/methodology/approach

The authors use two data sets to study aggressive bidding strategies. First, the results from a survey with 1,803 participants examining real estate auctions are used to identify bidding strategies and related motivations. Second, the authors apply SEM by using data from 1,078 exclusive auction journals from real estate sales in Norway to study both the direct and indirect price effects of the bidding strategies.

Findings

The authors define four aggressive bidding strategies: high opening bid, high bid increase (jump bids), short acceptance deadline and short response time. The authors find that all four strategies yield a higher sales price. Bidders can actively influence the behaviour of the other participants and cool the potential auction fever, thus reducing the final price premium.

Originality/value

This paper gives households, investors and policymakers a better understanding of how bidding strategies affect real estate auctions and the final price.

Details

Journal of European Real Estate Research , vol. 14 no. 2
Type: Research Article
ISSN: 1753-9269

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Book part
Publication date: 24 July 2023

Yasir Dewan and Michael Jensen

Scandal is the disruptive publicity of alleged misconduct and it is important for organizations because of its severe consequences. Distinguishing between single-actor scandals…

Abstract

Scandal is the disruptive publicity of alleged misconduct and it is important for organizations because of its severe consequences. Distinguishing between single-actor scandals, i.e., scandals that result from publicity of misconduct by a single actor, and multiple-actor scandals, i.e., scandals that result from publicity of misconduct of a similar type by multiple actors, we develop a framework for studying scandal dynamics that draws a distinction between how scandals start (single-actor or multiple-actor) and how they end (single-actor or multiple-actor). We focus specifically on spillover scandals (from single to multiple actors) and scapegoating scandals (from multiple to single actors) and identify several mechanisms that affect the likelihood of these two important types of scandals. We conclude by developing a research agenda that builds upon the central contribution of our framework: the distinction between single- and multiple-organization scandals and the transitions that result in spillovers and scapegoating.

Details

Organizational Wrongdoing as the “Foundational” Grand Challenge: Definitions and Antecedents
Type: Book
ISBN: 978-1-83753-279-7

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Article
Publication date: 1 June 2015

Svein Olav Krakstad and Are Oust

This paper aims to investigate whether the homes in the Norwegian capital, Oslo, are overpriced. While house prices in many countries dropped after the financial crisis, those in…

1135

Abstract

Purpose

This paper aims to investigate whether the homes in the Norwegian capital, Oslo, are overpriced. While house prices in many countries dropped after the financial crisis, those in Norway have continued to increase. Over the past 20 years, real house prices in Oslo have increased by around 7 per cent yearly.

Design/methodology/approach

The authors use a vector error correction model to estimate the equilibrium between house prices, rents, construction costs and wages to examine whether house prices in Oslo are overpriced.

Findings

Long-term relationships between house prices, rents, construction costs and wages are found and used to estimate equilibrium house prices in Oslo. The overpricing in Oslo compared to estimated equilibrium prices is around 35 per cent.

Practical implications

Price–rent, price–construction cost and price–income ratios are often used, by practitioners to say something about over- or underpricing in the housing market. We test and find that house prices, rents and construction costs move toward constant ratios in the long run, while wages are found to be weakly exogenous in the system.

Originality/value

Our estimate of overpricing gives households, investors and policy-makers a better understanding of the risk associated with owning dwellings.

Details

International Journal of Housing Markets and Analysis, vol. 8 no. 2
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 23 June 2023

Håkon Bergseng Brannan, Christian Pjaaka, Are Oust and Ole Jakob Sønstebø

In periods of economic distress, expectations for businesses change and there is a heightened need for reporting quality. This study investigates the impact of crises on earnings…

446

Abstract

Purpose

In periods of economic distress, expectations for businesses change and there is a heightened need for reporting quality. This study investigates the impact of crises on earnings management in the real estate sector.

Design/methodology/approach

The data consisted of financial statements from 2005 to 2021 from real estate firms listed on 10 European stock exchanges. Estimated discretionary accruals from four standard accruals models were used as a proxy for earnings management, using cross-sectional industry and firm fixed effects models. The authors examined earnings management during three crises: the financial crisis (2008–2009), the debt crisis (2011–2012) and the COVID-19 pandemic (2020–2021).

Findings

The results showed less earnings management during the COVID-19 crisis and more earnings management during the financial crisis, though with slightly weaker evidence. The authors did not find significant evidence of earnings management related to the debt crisis. These results suggest that stakeholders in the real estate sector should be extra vigilant in crisis periods.

Originality/value

This study is the first to investigate earnings management in European real estate firms, focusing on the impact of crises.

Details

Property Management, vol. 42 no. 1
Type: Research Article
ISSN: 0263-7472

Keywords

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Case study
Publication date: 18 October 2024

K.B.S. Kumar and Indu Perepu

This case study was developed using publicly available published sources like the company’s website, articles, blogs, videos, filings, etc. Multiple sources were used to put…

Abstract

Research methodology

This case study was developed using publicly available published sources like the company’s website, articles, blogs, videos, filings, etc. Multiple sources were used to put together the chronology, quotes and details. This case is not disguised. All the key figures in the case study are identified by their real names.

Case overview/synopsis

Black Girls Code (BGC) was founded by Kimberly Bryant (Bryant, she) as a nonprofit organization in 2011. BGC conducted workshops and programs to teach young girls of color technology, science, engineering and math and train them in Web design, developing apps and robotics. It aimed to address the lack of diversity in science and technology. The organization has received support from tech giants like Google, Facebook and IBM. In one decade, the organization trained more than 30,000 girls and aimed to teach one million girls by 2040.

In 2021, the BGC board ousted Bryant, citing allegations of workplace impropriety. She was put on paid administrative leave by the board. This ousting was done in the aftermath of complaints by several employees who raised concerns about Bryant’s conduct. The former and current employees said that high turnover in the organization was due to Bryant’s leadership, which was rooted in fear, and that she would publicly insult managers. The board formed a special committee to evaluate the concerns and sent Bryant on administrative leave.

Cristina Jones, who succeeded Bryant as CEO, brought about several changes in the organization and expanded the scope of science, technology, engineering and math to include arts. She expanded the courses to include design, gaming and others. She was looking forward to launching one million black girls in tech by 2040. But before she could go on, she needed to ensure that the ouster of the founder did not hinder the activities at BGC in any manner and also needed to address the concerns of employees, students and funders.

Complexity academic level

This case can be used to learn about nonprofits, the role of nonprofits in building an equitable society and nonprofit entrepreneurs. The objective is to understand how passionate entrepreneurs can create organizations that can make a high impact with limited resources but with ambition and vision for radical change.

This case also helps in learning the challenges encountered due to the rapid growth of startups and the role of the leader in handling such growth.

This case can be integrated into any of the existing courses or taken as a special case study to illustrate the gender and racial disparities that exist even in highly developed countries like the USA.

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