The purpose of this paper is to estimate that price appreciation for single‐family sales data for the complete population of deed recordings in one metro area using median…
Abstract
Purpose
The purpose of this paper is to estimate that price appreciation for single‐family sales data for the complete population of deed recordings in one metro area using median comparisons is statistically more accurate in capturing local fluctuations than the repeat sale sample approach published by the Federal Housing Finance Agency. The median comparison method becomes the optimal method of choice due to its simplicity and ease in interpretation. The electronic access to court house records means that the complete population of data should be used to extract a community price trend in lieu of samples.
Design/methodology/approach
Local deed recordings for residential housing were compared to repeat sale results from the Federal Finance Housing Admin. The goal is to measure housing price appreciation.
Findings
Appreciation measured by local deed recordings captures house price variance better than repeat sales taken from mortgage applications.
Research limitations/implications
A median to median comparison with local sales prices should be used in lieu of a national statistic using mortgage applications.
Practical implications
This project provides a more accurate method to assess price appreciation. Repeat sales are not appropriate especially in smaller metro areas.
Social implications
Every individual and financial institution needs to know the value of its housing asset. The method shown is the best available.
Originality/value
The results have huge implications for the academic community where many regression equations are based on repeat sales.
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This paper aims to compare a median‐to‐median estimate of residential price change to the FHFA home price index composed of repeat sales. Further, it seeks to use the complete…
Abstract
Purpose
This paper aims to compare a median‐to‐median estimate of residential price change to the FHFA home price index composed of repeat sales. Further, it seeks to use the complete population of closed sales. The conceptual issue is the use of a “typical” or average comparison through time as opposed to properties where attributes and their marginal prices are held constant.
Design/methodology/approach
The paper uses the total population of closed sales rather than a sample. A time series for median price changes is compared to the FHFA time series. The medians for the complete population are the benchmarks, as the median parameter is the true value.
Findings
The study finds that the quarterly FHFA price changes do not capture market movements following a major external shock such as a tropical storm. Further, the FHFA data originate in mortgage applications which are not characteristic of the local market. The conclusion is that a median comparison is better, all deed recordings should be used, and repeat sales are not always a valid tool.
Research limitations/implications
Acquiring the data set of all deed transactions involved a budget which may be available to all analysts.
Practical implications
The practical applications are enormous. The results cast doubts on the FHFA home price index and the Case Shiller index. The paper supports the method used by the National Association of Realtors.
Social implications
All researchers interested in local real estate markets are concerned about the best method to measure changes in local demand and supply market conditions. This project presents a method to use that is sound conceptually and statistically. The reason is that the goal is to measure changes in the “typical”, or average, property over time.
Originality/value
The literature abounds with repeat sale papers. This paper gives an alternative and avoids the many flaws with paired sales. It should have a wide readership.
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Lucette B. Comer and Tanya Drollinger
For the past several decades women have been moving into the United States workforce in greater numbers and they have been gaining access to the types of jobs that were…
Abstract
For the past several decades women have been moving into the United States workforce in greater numbers and they have been gaining access to the types of jobs that were, traditionally, performed exclusively by men. Despite this progress, they are still having difficulty penetrating the so‐called “glass ceiling” into upper management positions (Alimo‐Metcalfe 1993; Tavakolian 1993). Many reasons have been advanced, but the most compelling of these concerns the “glass walls” that support the “glass ceiling”. The “glass walls” refer to those invisible barriers that limit the ability of women and minorities to gain access to the type of job that would place them in a position to break through the “glass ceiling” (Townsend 1996). If women are to gain parity with men in the workforce, they need to succeed in the positions that lie inside the “glass walls” that will enable them to rise through the “glass ceiling” to upper management.
This study, rooted in affordance-actualization theory and communication theory, aims to critically examine how ChatGPT influences users’ transition from new adopters to loyal…
Abstract
Purpose
This study, rooted in affordance-actualization theory and communication theory, aims to critically examine how ChatGPT influences users’ transition from new adopters to loyal advocates within the context of travel decision-making. It incorporates constructs including communication quality, personalization, anthropomorphism, cognitive and emotional trust (ET), loyalty and intention to adopt into a comprehensive model.
Design/methodology/approach
This study used quantitative methods to analyze data from 477 respondents, collected online through a self-administered questionnaire by Embrain, a leading market research company in South Korea. Lavaan package within R studio was used for evaluating the measurement model through confirmatory factor analysis and using structural equation modeling to examine the proposed hypotheses.
Findings
The findings reveal a pivotal need for enhancing ChatGPT’s communication quality, particularly in terms of accuracy, currency and understandability. Personalization emerges as a key driver for cognitive trust, while anthropomorphism significantly impacts ET. Interestingly, the study unveils that in the context of travel recommendations, users’ trust in ChatGPT predominantly operates at the cognitive level, significantly impacting loyalty and subsequent adoption intentions.
Practical implications
The findings of this research provide valuable insights for improving Generative AI (GenAI) technology and management practices in travel recommendations.
Originality/value
As one of the few empirical research papers in the burgeoning field of GenAI, this study proposes a highly explanatory model for the process from affordance to actualization in the context of using ChatGPT for travel recommendations.
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Although marketer-generated brand anthropomorphism impacts on positive company returns is studied broadly, consumer-generated brand anthropomorphisms that focus on demonizing and…
Abstract
Purpose
Although marketer-generated brand anthropomorphism impacts on positive company returns is studied broadly, consumer-generated brand anthropomorphisms that focus on demonizing and hitlerizing brands is not extensively studied. This study aims to examine these consumer interpretations of the evil, its symbols and personifications of brands as evil, with a new concept: “reverse brand anthropomorphism.”
Design/methodology/approach
This paper provides a literature review of brand anthropomorphism and the application of the concept of evil. This paper also uses a qualitative analysis with consumer interviews to explore the proposed reverse brand anthropomorphism concept.
Findings
This study’s findings reveal that consumers see corporations as consciously evil, loosely as an embodiment of Adolf Hitler. Consumer interviews points out that corporate brand power aimed at controlling consumer value systems is associated with “evil,” an evil that secretly aims at possessing consumers and controlling their consumption practices. The findings of this study indicate that consumers also develop their own alternative moral market value systems, ones parallel to religious morality. Although “evil” imagery is often found distractive and disrespectful by consumers, the younger generation accept it as a new and alternative form of market speech.
Originality/value
This is the first study to introduces and conceptualize a “reverse brand anthropomorphism” concept with examples of consumer brand hitlerization semiotics. Further, this study is also the first study to discuss evil in a consumption context.
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Christian Muntwiler and Martin J. Eppler
This article aims to explore the so-called illusion of explanatory depth (IOED) of managers regarding their understanding of digital technologies and examines the effect of…
Abstract
Purpose
This article aims to explore the so-called illusion of explanatory depth (IOED) of managers regarding their understanding of digital technologies and examines the effect of knowledge visualization one’s current understanding and decision making. Its purpose is to show that managers think they know more than they do and that this affects decision making but can be reduced through knowledge visualization.
Design/methodology/approach
In two experiments with experienced managers, the authors investigate the size and impact of the IOED bias in decision making and examine if sketched self-explanations are as effective as written self-explanations to reduce the bias.
Findings
The findings show that experienced managers suffer from a significant illusion concerning their explanatory understanding of digital technologies and that sketching one’s current level of explanatory understanding of these technologies supports the accurate calibration of one’s knowledge. The findings indicate that sketching knowledge is a helpful modality for the detection and subsequent recalibration of biased knowledge in domain-dependent decision making.
Originality/value
This article is the first to explore the effect of sketched knowledge externalization on the calibration of explanatory knowledge of managers. It extends the literature on both, the IOED and on knowledge visualization as an instrument of knowledge calibration.