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Article
Publication date: 10 April 2017

Kenneth Yung, Diane DeQing Li and Yi Jian

The purpose of this paper is to examine the effects of managerial decision horizon (MDH) on real estate investment trust (REIT) behavior and performance.

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Abstract

Purpose

The purpose of this paper is to examine the effects of managerial decision horizon (MDH) on real estate investment trust (REIT) behavior and performance.

Design/methodology/approach

In this study, the authors expand the number of proxies and measure managerial horizon by CEO age, CEO tenure, cash compensation relative to total compensation, and the amount of vested equity-based compensation to total compensation. To avoid potential measurement error, the authors compute the average ranking score of the four individual measures to determine the overall MDH of a CEO. Cross-sectional time series regressions are then performed on the effects of CEO MDH on REIT policies and performance. The authors also examine if the effect of myopic MDH can be mitigated by good corporate governance. For robustness purpose, the authors also compare the effects of age-related MDH and compensation-related MDH.

Findings

The results show that REITs managed by CEOs with short MDHs have lower levels of asset growth and a lower standard deviation of return on assets. These REITs also have lower debt levels, lower dividend payouts, and hold more cash. The results suggest that short-horizon CEOs have incentives to lower investment risk, default risk, and liquidity risk at the firm level in order to protect personal benefits. CEOs with a short horizon also have a negative impact on REIT performance. The results also show that CEO compensation-related horizon problems are mitigated by corporate governance, but CEO age-related horizon problems are significant and persistent. The results suggest that age-related behavioral biases of the CEO are important determinants of corporate decisions.

Practical implications

The results of this study suggest that the managerial behavioral biases should be considered in understanding firm behavior.

Originality/value

This is the first study that examines the effects of MDH on REIT behavior and performance. The unique regulatory environment of REITs makes them less susceptible to agency problems of free cash flow and thus provides a clearer picture of the effect of MDH. Prior studies focus on the effect of managerial horizon on firm investment activity, this study expands the scope to examine the effects on investment and financial policies. In addition, this study adds to the literature by showing that the effect of age-related horizon problems may not be mitigated by good corporate governance.

Details

Review of Behavioral Finance, vol. 9 no. 1
Type: Research Article
ISSN: 1940-5979

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Article
Publication date: 1 March 1986

Few issues in recent times have so provoked debate and dissention within the library field as has the concept of fees for user services. The issue has aroused the passions of our…

385

Abstract

Few issues in recent times have so provoked debate and dissention within the library field as has the concept of fees for user services. The issue has aroused the passions of our profession precisely because its roots and implications extend far beyond the confines of just one service discipline. Its reflection is mirrored in national debates about the proper spheres of the public and private sectors—in matters of information generation and distribution, certainly, but in a host of other social ramifications as well, amounting virtually to a debate about the most basic values which we have long assumed to constitute the very framework of our democratic and humanistic society.

Details

Collection Building, vol. 8 no. 1
Type: Research Article
ISSN: 0160-4953

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Article
Publication date: 6 November 2007

Deqing Diane Li and Kenneth Yung

The purpose of this paper is twofold in examining the international transmission of REIT returns volatility. The first purpose is to add to the literature on whether the real…

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Abstract

Purpose

The purpose of this paper is twofold in examining the international transmission of REIT returns volatility. The first purpose is to add to the literature on whether the real estate securities market and the broader equity market are integrated. The second objective of the study is to determine whether geographic risk factors can be transmitted beyond their region of influence.

Design/methodology/approach

The study uses the GARCH(1, 1), EGARCH, and GARCH‐M models.

Findings

The results show that there are significant international spillovers of REIT returns volatility within the Pacific region. The results also show that there are significant volatility transmissions between the Pacific and the Atlantic regions.

Practical implications

The results are consistent with the implication that the real estate sector and the general equity market are integrated such that geographic risk can be transmitted across national borders. The result will have major implications for international investment strategies.

Originality/value

To date, there has been no published study on the international transmission of REIT returns volatility. This study therefore examines whether the conditional variance of REIT returns of a country is affected by volatility transmission across markets in the same region using four Pacific markets.

Details

Review of Accounting and Finance, vol. 6 no. 4
Type: Research Article
ISSN: 1475-7702

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Article
Publication date: 1 January 2006

DeQing Diane Li and Kenneth Yung

Though stock portfolio return autocorrelation is well documented in the literature, its cause is still not clearly understood. Presently, evidence of private information induced…

1027

Abstract

Purpose

Though stock portfolio return autocorrelation is well documented in the literature, its cause is still not clearly understood. Presently, evidence of private information induced stock return autocorrelation is still very limited. The difficulty in obtaining foreign country information by small investors makes the private information of institutional investors in the ADR (American Depository Receipt) market more significant and influential. As such, the ADR market provides a favorable environment for testing the effect of private information on return autocorrelation. The purpose of this paper is to address this issue.

Design/methodology/approach

In this paper, ADRs are sorted annually into three groups based on market equity capitalization. Within each capitalization group, ADRs are further sorted into three groups based on the fraction of shares held by institutional investors. Each ADR is assigned to one of the nine groups and group membership is rebalanced each year. The return autocorrelation of individual ADR securities and ADR portfolios for each group are then calculated.

Findings

The results demonstrate that ADR individual stock and portfolio daily return autocorrelations are positively related to institutional ownership. It is also found that other explanations, such as non‐synchronous trading, bid‐ask spread and volatility of ADR, cannot explain the positive relation between daily return autocorrelations and institutional ownership of ADR.

Originality/value

Since ADR market is more suitable than other markets for testing the role of private information, stronger and clearer results are got accordingly. This paper suggests that trading strategy based on private information of institutional investors can lead to stock return autocorrelation in ADR daily returns.

Details

Review of Accounting and Finance, vol. 5 no. 1
Type: Research Article
ISSN: 1475-7702

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Article
Publication date: 1 January 2006

Diane Li and Jongdae Jin

The purpose of this paper is to investigate the effect of diversification on returns of firms in chemical and oil industries.

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Abstract

Purpose

The purpose of this paper is to investigate the effect of diversification on returns of firms in chemical and oil industries.

Design/methodology/approach

In order to control for market effect, industry effect, and effects of endogenous variables of a sample firm that lead the firm to decide to diversify or refocus on stock returns, three‐factor asset‐pricing models introduced by Fama and French are used in each industry.

Findings

It is found that diversified firms have significantly higher returns than focused firms in both chemical and oil industries. It is also found that the three‐factor model explains much of the variation in the average stock returns for both focused firms and diversified firms, which is consistent with Fama and French.

Originality/value

Provides new evidence for the effect of diversification on firm returns in oil and chemical industries.

Details

Review of Accounting and Finance, vol. 5 no. 1
Type: Research Article
ISSN: 1475-7702

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Article
Publication date: 1 March 1991

Yvonne Carter

Research is vital to any profession that demands continuous improvement, updating, and experimentation. New directions in service require commitment to the development of…

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Abstract

Research is vital to any profession that demands continuous improvement, updating, and experimentation. New directions in service require commitment to the development of additional knowledge. Unfortunately, in librarianship, few sources of funding are available to sponsor investigations that move the professional boundaries forward.

Details

The Bottom Line, vol. 4 no. 3
Type: Research Article
ISSN: 0888-045X

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Book part
Publication date: 10 December 1993

Helge Clausen

Abstract

Details

Advances in Librarianship
Type: Book
ISBN: 978-0-12024-617-5

Available. Open Access. Open Access
Article
Publication date: 17 June 2019

Fiona W.L. Yip, Diane Zelman and Adrian Low

Research suggests that children in Hong Kong are at an elevated risk of emotional problems. Authoritarian parenting, a common parenting style in Hong Kong, is a critical factor…

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Abstract

Purpose

Research suggests that children in Hong Kong are at an elevated risk of emotional problems. Authoritarian parenting, a common parenting style in Hong Kong, is a critical factor associated with childhood mental health problems. The purpose of this paper is to evaluate the effectiveness of the 6As Positive Parenting Program (6As) in modifying parenting attitudes, reduction of parenting stress and increasing self-efficacy in positive parenting, among a sample of 82 Hong Kong parents. 6As focuses on prevention by instilling positive parenting beliefs and principles, thereby reducing reliance on authoritarian and related parenting styles.

Design/methodology/approach

The program was evaluated using a controlled pre-post-treatment design. Outcome measures were the Chinese Child-rearing Beliefs Questionnaire, Parental Stress Scale, Parenting Self-efficacy Scale and participant feedback. ANOVA and correlation were utilized to detect treatment effects and relationships between the degree of change among measures and subscales.

Findings

Relative to the control group, the 6As Positive Parenting Program significantly changed parents’ parenting attitudes, reduced parenting stress and increased self-efficacy in positive parenting. In sum, 97.6 percent of the participants agreed that the program is a good fit for the Hong Kong culture.

Research limitations/implications

A larger sample would have been desirable for this study. One factor that limited analyzable data was that some of the participating organizations enrolled participants into the program who did not meet research inclusion criteria. Furthermore, the size of groups varied from 5 to 16 participants, which may have produced different group dynamics that added variability to outcomes. Future 6As parenting program research should attempt to standardize group size or to directly compare the effectiveness of smaller vs larger groups. Furthermore, as noted earlier, the research was conducted during the primary school application period, which may have heightened the parenting stress for parents of younger children.

Practical implications

The results suggest that an enhanced belief in authoritative, autonomy and training strategies could reduce parental stress and shift parents’ attitude toward a more positive approach in child-rearing.

Social implications

There is considerable need for a holistically designed parenting training that is culturally credible and sensitive.

Originality/value

Findings suggest that positive parenting can enhance the parent–child relationship and reduce parental stress. The results support governmental, non-governmental organizational and community focus on positive practices for parenting training in Hong Kong.

Details

Public Administration and Policy, vol. 22 no. 1
Type: Research Article
ISSN: 1727-2645

Keywords

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Article
Publication date: 27 September 2022

Diane Zandee, Ambika Zutshi, Andrew Creed and André Nijhof

The paper aims to provide managerial recommendations for implementing circular economy (CE) principles in both organizational and interorganizational contexts, including when…

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Abstract

Purpose

The paper aims to provide managerial recommendations for implementing circular economy (CE) principles in both organizational and interorganizational contexts, including when using digital tools, such as building information modeling (BIM) and blockchain. Drawn from the construction sector in the Netherlands, the findings can be generalized to similar sectors where a company may receive multiple inputs as part of its supply chain augmented by digital technologies.

Design/methodology/approach

Design addresses the research question: what are the strategic and tactical approaches of organizations on the CE pathway? Sub-questions target initiatives pursued by participants, and look toward information, roles and functions for supporting the CE process. Applying a multiple-case study approach (21 semi-structured interviews with 29 participants) the paper explores strategic initiatives of construction companies implementing CE pathways. The strength of the research design comes from facilitation of rich and deep qualitative insights from Netherlands-based managers embedded within global supply chains contributing to conceptual mapping. A limitation is data from one country (though representing both national and multinational companies).

Findings

Interviewed managers share guidance for production-related construction companies anchored in materials and product design. Recommendations include to (1) develop both internally and externally the awareness of CE amongst leaders, (2) communicate with internal and external stakeholders for shared vision across the supply chain, (3) start with pilot projects, and (4) ensure product data-integration for CE business models through computer modeling and blockchain for decision-making processes, choices of materials, business model coordination and product (re)design. Continuous learning about CE roles and responsibilities amidst organizational process restructuring is required throughout linear to CE transitions. Extending the time for the CE principles evaluation process would allow for reconsideration of decisions made for CE implemented projects.

Originality/value

A novel CE gameplan with a hurdles and recommendations checklist provides an operational interface with decision making points between internal factors for the host organization and external supply chain partners.

Details

Engineering, Construction and Architectural Management, vol. 31 no. 2
Type: Research Article
ISSN: 0969-9988

Keywords

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Article
Publication date: 1 January 1992

Diane Richards

In order to serve the growing needs of the business community while maintaining service to its primary clients, North Dakota State University Libraries began a fee‐based…

42

Abstract

In order to serve the growing needs of the business community while maintaining service to its primary clients, North Dakota State University Libraries began a fee‐based information service. In its first year and a half the North Dakota Information Service to the Community has developed a policy statement, successfully publicized itself, and overcome initial resistance from portions of the community. It is now well established and is operating on a cost‐recovery basis.

Details

The Bottom Line, vol. 5 no. 1
Type: Research Article
ISSN: 0888-045X

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