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This paper aims to investigate the effect of the COVID-19 pandemic market shock on house pricing, time-on-market (TOM) and probability-of-sale functions using local multiple listing service data from Richmond, Virginia, USA.

The empirical analyses use a two-stage residual inclusion model to simultaneously address endogeneity and nonlinearity in modeling sales price and TOM, and a Heckman two-stage procedure to account for sample selection bias in estimating the probability-of-sale.

The pandemic shock not only directly impacted average home prices, TOM and probability-of-sale, but it also caused the coefficients of some of the factors that influence these metrics to change while others were stable to the exogenous shock of the pandemic. The authors find that coefficients in the hedonic pricing, TOM and probability-of-sale models did not shift instantaneously; instead, the impact evolved over several months at the beginning of the pandemic until stabilization.

The results should be of interest to buyers and sellers of residential properties, agents specializing in residential properties and researchers looking to better capture the impact of exogenous events on housing prices and buyer preferences.

The purpose of this paper is to describe an investment program that offers students with the opportunity to simultaneously manage a private asset fund and a public asset fund. The program has been in operation since 2013 and has made significant progress in student placement and connectivity with local, regional and national financial firms.

The authors describe the structure, methods used and challenges encountered in this dual portfolio environment and add relevant thoughts for discussion. The authors discuss potential conflicts of interests that may arise in managing a private equity portfolio, the concern of proper deal flow, the issue of the investment timeline when investing in private equity and the problems encountered when measuring private equity performance.

While public asset funds have been around for decades and are relatively well accepted throughout all levels and types of higher education institutions. The uses of private equity funds, though not unheard of, are much less prevalent. Allowing the same group of students to manage both type of portfolios is relatively unique and provides with a more comprehensive learning experience.

A primary distinguishing attribute of this program is that accepted students are given the opportunity to simultaneously manage both public and private equity assets throughout an academic year. The goal is to create a comprehensive portfolio management program that replicates a changing investment management environment where private equity is an increasingly significant asset class.

The purpose of this paper is to examine the relationship between gender and ethnic diversity in managerial positions and Real Estate Investment Trust (REIT) operating performance.

The authors employ two-stage Heckman correction models on an unbalanced panel of US Equity REITs for the time period from 2000 to 2015. The second-stage model uses multiple operating performance measures regressed on a dichotomous variable that indicates if the REIT promotes diversity in middle management in addition to a vector of control variables.

The results indicate that REITs that promote diversity in middle management with profit-and-loss responsibilities have lower operating performance than comparable counterparts. That is, gender and demographic diversity is negatively related to REIT performance as measured by return on assets, return on equity and funds from operations.

The analysis indicates that while gender and ethnic diversity is socially responsible and may provide many benefits, diversity among managers and decision makers has to be carefully implemented in order to achieve positive financial results.

This paper contributes to the literature by investigating whether diversity in leading managerial positions, other than in top officer ranks and on the board of directors, have an impact on REIT operating performance.

Policy makers and practitioners argue that electronic exchange of clinical data across the healthcare system is a key component of improving health service delivery in the United States. Provider administrators, however, question the strategic value of participation in health information exchanges (HIEs) and remain reluctant to participate. Existing research fails to adequately illuminate the potential value derived from HIEs by participating organizations. This paper addresses this gap by developing a conceptual model informed by the complementary theoretical perspectives of the relational view and systems theory to specify both a provider organizationʼs internal conditions and the HIE structure necessary for both financial accrual and quality improvement. This two-sided model can assist policymakers as they attempt to encourage HIE development, as well as provider and HIE leadership that seek to benefit from HIEs. The propositions developed from this model can also help guide researchers as they evaluate the impact of HIEs.

The purpose of this paper is to reexamine the impact of investor sentiment on real estate investment trust (REIT) returns using direct, survey-based measures of sentiment to categorize sentiment from institutional and individual investors.

The authors provide a framework in which sentiment is classified into individual and institutional investor sentiment under the assumption that investors, depending on sophistication, react differently to the same set of information and will influence REIT prices differently. The authors employ a methodology that uses panel regression analyses and divides the sample of REITs into size and performance portfolios.

The regression results suggest that institutional investor sentiment is positively and significantly related to REIT returns contemporaneously for multiple sample specifications. These results are consistent with high levels of institutional ownership in REITs. Results also suggest that individual investor sentiment only influences small capitalization and low-α portfolios.

The findings provide more evidence on the influence of investor sentiment on security pricing even for highly regulated sectors such as the REIT industry. Investors may use changes in sentiment as signals for portfolio rebalancing and capital allocations.

Based on conservation of resources (COR) theory, this study analyses how servant leadership and high-performance work systems (HPWS) provide employees with valuable resources that help them cope with work demands and preserve or increase personal and job resources, which in turn enhances their work-life balance (WLB) and job satisfaction.

A sample of 253 hotel workers from Gran Canaria was surveyed. The study used partial least squares structural equation modelling (PLS-SEM) to test the hypotheses.

Both servant leadership and HPWS positively affect employees’ job satisfaction. Additionally, WLB plays a mediating role in explaining how servant leadership and HPWS can increase employees’ job satisfaction.

Our findings offer practical guidance for hotel managers on implementing strategies that foster employee well-being and enhance performance through a combination of servant leadership and HPWS.

This study is among the first to investigate the mediating role of WLB between servant leadership, HPWS and job satisfaction in the hospitality sector. By applying COR theory, it offers new insights into the interaction between personal and job-related resources and their impact on employee outcomes.

Internet is set to be one of the main channels of distribution in the future and already greatly facilitates product evaluation thanks to the information available on the net. The main advantages of electronic shopping over other channels include the reduced costs of searching for products and for product‐related information. Research has stressed the importance of quality information in web site design. The perceived utility of a web site depends on the perceived utility of its content (i.e. quality of information on product characteristics) and its presentation of that content. This paper compares the ways in which a web site's content and content presentation affect the product choice of two consumer groups from different cultures. The paper aims to discuss these issues.

The authors conduct an exploratory study to determine the key factors which may be used in a later conclusive research. The authors propose a tool based on the statistical design of experiments to determine the number of significant factors used by two market segments (Spanish and US students) when selecting a bottle of wine sold via a web site.

The authors identify key extrinsic factors of consumers' perceived utility when selecting a bottle of wine from a web site and analyse whether cross‐cultural aspects are significant in this choice. The authors assume that web site evaluations made by users from different geographical areas reflect their preferences for more familiar designs.

The sample size does not enable us to determine the significance of certain variables. Moreover, the sample is not fully representative of the overall consumer population, and so inferences cannot be made about all consumers. However, since the study is exploratory with a theoretical content, the results can be considered valid.

Web page designers need to take into account the cultural characteristics of their target market in the presentation and content of their sites.

The internet marketing literature considers cultural differences in web design as a tool to improve user confidence and attitude. However, few studies have examined the effects of the cultural adaptation of web sites on user evaluations. Here, the authors propose a straightforward procedure for calculating the main effects of web site attributes. Yates' algorithm and the normal probability plot, proposed by Daniel, can be implemented in any spread sheet.

Our aim in this study is to investigate the relative importance of the economic policy uncertainty and of the geopolitical risk on U.S. REITs (Real Estate Investment Trusts) returns with a special focus on the different real estate sectors.

We use an augmented Fama-French (1993)’s asset pricing model, including economic policy uncertainty indices (EPU), introduced by Baker et al. (2016), and geopolitical risk indices (GPR) recently developed by Caldara and Iacoviello (2022), to price the potential risk factors for U.S. Nareit indices returns. To obtain robust economic results, we correct for the problems of errors-in-variables in linear asset pricing models; we advocate the use of higher moments estimators as instruments in a generalized method of moments (GMM) framework.

Our results report that economic policy uncertainty (EPU), and geopolitical risk (GPR) are priced for the different Nareit sectors for the last three decades. The GPR index stands as a relevant risk factor. The coefficient estimates are low compared to Fama-French risk factors. They are higher for Shopping Centers, Retail and Region Malls and lower for Health Care and Lodging/Resorts. EPU indices are also priced and less statistically significant. Health Care sector, followed by Shopping Centers and Retail are the most policy-sensitive sectors.

In their “2023–2024 Top Ten Issues Affecting Real Estate” “political unrest and global economic health” is ranked 1 issue by the Counselors of Real Estate. Our results report that economic policy uncertainty and geopolitical risk are priced for the different Nareit sectors. They suggest implications for investors, insurers, bankers, policymakers and other stakeholders. The geopolitical risk index (GPR) stands as a relevant and significant risk factor for REITs returns.

Based on parsimonious robust asset pricing models, the results shed a new light on the relative importance of geopolitical risk and economic policy uncertainty in the real estate sector, with a special focus on the different U.S. REITs sectors. They suggest possible implications for investors, insurers, bankers, policymakers and other stakeholders in a context marked by higher uncertainty shocks and geopolitical risks.

This study examines three significant collaborative journalism projects in the Americas: The Panama Papers, from the United States-based International Consortium of Investigative Journalists (ICIJ); “América Latina, Región de Carteles,” by Colombian-based Connectas; and the first phase of the Brazilian-based project, Comprova, supported by Brazilian Association of Investigative Journalists (Abraji) and First Draft. The work investigates what encompasses collaborative journalism; and explores whether it is a recent phenomenon of the news ecosystem, a consequence of the institutional crisis of journalism, and if it is influenced by a network-based and platformed society. A mixed-method approach is applied in a three-stage analysis: (1) desk research; (2) quantitative content analysis; and (3) qualitative semi-structured in-depth interviews. To gain a broader picture of the organizations and their respective projects, documental and bibliographical research was carried out with a focus on data from press releases, corporate reports, and articles published on the websites of the organizations coordinating the projects. Furthermore, a quantitative content analysis of 10 news articles published by each of these collaboration partnerships was completed. Finally, qualitative semi-structured in-depth interviews were conducted with the directors, managers, and professional journalists’ part of the organizations and project. This study emphasizes the importance of collaborative practices, demonstrates how collaborative practices contribute to a new modus operandi of the news ecosystem; and considers why journalists and media organizations have turned to collaborative journalism as a model of production, circulation, and distribution of journalistic investigations.