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Article
Publication date: 30 May 2024

Owiti A. K’Akumu

This study reviews the teaching of real estate in the USA for the first 100 years after the foundational curriculum was laid down in 1923 by three key institutions: the National…

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Abstract

Purpose

This study reviews the teaching of real estate in the USA for the first 100 years after the foundational curriculum was laid down in 1923 by three key institutions: the National Association of Real Estate Boards (NAREB), the Institute for Research in Land Economics and Public Utilities (The Institute) and the American Assembly of Collegiate Schools of Business (AACSB). Its line of investigative pursuit is the persistent lamentation by American real estate scholars that real estate is not getting the respect it deserves as an academic discipline compared to its peers in the school of business such as accounting, finance and marketing. The study addresses a fundamental question: What is the cause of this endless “search for a discipline”? This is motivated by the belief that identification of the root cause of this “search for a discipline” will lead to the requisite solution: the intellectual foundation of the real estate discipline.

Design/methodology/approach

The study used qualitative document analysis to review two primary documents published in 1959 as reports on business education in the USA: (1) Higher Education for Business, financed and sponsored by the Ford Foundation, and (2) The Education of American Businessmen – financed and sponsored by the Carnegie Corporation of New York. The impacts of the publications on the teaching of real estate to date have been reviewed in the context of scholarly actions and literature that has been generated in relation to the two documents.

Findings

The two primary documents impacted negatively on the teaching of real estate. The committee members who produced the two reports had indicated that real estate did not fit into the business curriculum hence should not be taught in business school. This conclusion led to unintended negative outcomes for real estate education. The negative impact of the reports arose principally because the teachers of real estate misinterpreted the outcome to mean that they should tweak the real estate curriculum to fit in the pedagogical framework of the business school. This reaction is responsible for perpetuating the identity crisis that has plagued real estate as an academic discipline since its inception as a subject of study in 1923. Secondly, at the inception of the real estate education in 1923, while the AACSB accepted real estate as a discipline in the school of business, Richard T. Ely wrote the curriculum under land economics which has led to the persistent collegiate dilemma regarding the teaching of the discipline.

Social implications

The study sheds light on the situation of business education in the USA and AACSB-accredited colleges internationally. It draws attention to the incoherent body of knowledge of business education and will help schools of business to redesign their curricula to include course contents that rightly reflects the business oriented academic disciplines.

Originality/value

The study is timely as it has been done 100 years since the development of the first standard collegiate real estate curriculum following the 1923 conference at Madison. The study has reviewed the first 100 years in terms of the persistent quest: “in search of a discipline”. In so doing, it has uncovered the root cause of this search during the first centennium; and to end the search, it proposes that real estate should not be taught as a business discipline.

Details

Journal of European Real Estate Research, vol. 17 no. 2
Type: Research Article
ISSN: 1753-9269

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Book part
Publication date: 20 August 2018

Andreas Oehler and Stefan Wendt

Current trends in financial services are characterised by two intertwined developments. First, increasing digitalisation provides opportunities to invest or raise money through…

Abstract

Current trends in financial services are characterised by two intertwined developments. First, increasing digitalisation provides opportunities to invest or raise money through channels that have not been available with more traditional financial services. Crowd-investing and social-trading platforms act as new intermediaries. Similarly, automated advice (robo-advice) is attracting increased attention. Second, the financial crisis of 2007–2010 is associated with a considerable decline in trust in financial institutions, even more so in Iceland, which had experienced a complete collapse of its banking system. Despite the evaporation of trust in their banking system, Icelandic consumers were largely bound to use Icelandic financial institutions because capital controls were in place since the financial crisis until 2017, which limited investors’ opportunities to, for example, diversify their portfolios internationally. As financial decisions are inherently risky and since financial services have the characteristics of credence goods, those who wish to use financial services need to trust financial intermediaries or the immediate contractual partner. The purpose of this chapter is to examine the role of trust in the context of increased digitalisation, and to discuss steps to establish trust in digitalised financial services. Among other items, we discuss the information requirements accompanying financial products and financial institutions, data protection and liability in the context of emerging digitalisation. Our work holds implications for individuals, financial service providers, policy makers and supervisory authorities.

Details

The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis
Type: Book
ISBN: 978-1-78743-348-9

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Article
Publication date: 1 April 1988

Frances K. Wood

If you were asked to envision some information services in your library that could feasibly be offered for a fee, what would you choose? A list of such services probably would…

18

Abstract

If you were asked to envision some information services in your library that could feasibly be offered for a fee, what would you choose? A list of such services probably would include many that are currently being offered for free and others that could be offered under the right circumstances.

Details

The Bottom Line, vol. 1 no. 4
Type: Research Article
ISSN: 0888-045X

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Article
Publication date: 23 January 2023

Roshith Mittakolu, Sarma L. Rani and Dilip Srinivas Sundaram

A higher-order implicit shock-capturing scheme is presented for the Euler equations based on time linearization of the implicit flux vector rather than the residual vector.

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Abstract

Purpose

A higher-order implicit shock-capturing scheme is presented for the Euler equations based on time linearization of the implicit flux vector rather than the residual vector.

Design/methodology/approach

The flux vector is linearized through a truncated Taylor-series expansion whose leading-order implicit term is an inner product of the flux Jacobian and the vector of differences between the current and previous time step values of conserved variables. The implicit conserved-variable difference vector is evaluated at cell faces by using the reconstructed states at the left and right sides of a cell face and projecting the difference between the left and right states onto the right eigenvectors. Flux linearization also facilitates the construction of implicit schemes with higher-order spatial accuracy (up to third order in the present study). To enhance the diagonal dominance of the coefficient matrix and thereby increase the implicitness of the scheme, wave strengths at cell faces are expressed as the inner product of the inverse of the right eigenvector matrix and the difference in the right and left reconstructed states at a cell face.

Findings

The accuracy of the implicit algorithm at Courant–Friedrichs–Lewy (CFL) numbers greater than unity is demonstrated for a number of test cases comprising one-dimensional (1-D) Sod’s shock tube, quasi 1-D steady flow through a converging-diverging nozzle, and two-dimensional (2-D) supersonic flow over a compression corner and an expansion corner.

Practical implications

The algorithm has the advantage that it does not entail spatial derivatives of flux Jacobian so that the implicit flux can be readily evaluated using Roe’s approximate Jacobian. As a result, this approach readily facilitates the construction of implicit schemes with high-order spatial accuracy such as Roe-MUSCL.

Originality/value

A novel finite-volume-based higher-order implicit shock-capturing scheme was developed that uses time linearization of fluxes at cell interfaces.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 33 no. 5
Type: Research Article
ISSN: 0961-5539

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Article
Publication date: 27 June 2019

Andreas Oehler, Florian Wedlich, Stefan Wendt and Matthias Horn

The purpose of this study is to analyze whether differences in market-wide levels of investor personality influence experimental asset market outcomes in terms of limit orders…

390

Abstract

Purpose

The purpose of this study is to analyze whether differences in market-wide levels of investor personality influence experimental asset market outcomes in terms of limit orders, price levels and price bubbles.

Design/methodology/approach

Investor personality is determined by a questionnaire. These data are combined with data from 17 experimental asset markets. Two approaches are used to estimate market-wide levels of investor personality. First, the market-wide average of each personality trait is determined; second, the percentage of individuals with comparable personality in a market is computed. Overall, 364 undergraduate business students participated in the questionnaire and the experimental asset markets.

Findings

Limits and transaction prices are higher in markets with higher mean values in participants’ extraversion and openness to experience and lower mean values in participants’ agreeableness and neuroticism. In markets with lower mean values of subjects’ openness to experiences more overpriced transactions are observed. In markets with a higher proportion of extraverted subjects and a lower proportion of neurotic subjects higher limits and transaction prices are observed. Bubble phases last longer in markets with a higher proportion of extraverted and a lower proportion of neurotic subjects.

Originality/value

Overall, the findings suggest that market-wide personality levels influence market outcomes. As a consequence, market-wide levels of personality help to explain prices in auctions with limited number of participants. Additionally, studies that analyze the influence of subjects’ characteristics, including risk aversion, emotional states or overconfidence, on market outcomes should also consider personality traits as potential underlying factor.

Details

Studies in Economics and Finance, vol. 38 no. 3
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 19 June 2020

Corey A. Shank, Brice Dupoyet, Robert Durand and Fernando Patterson

The purpose of this paper is to examine the relationship between psychopathy and its underlying traits and financial risk and time preferences.

338

Abstract

Purpose

The purpose of this paper is to examine the relationship between psychopathy and its underlying traits and financial risk and time preferences.

Design/methodology/approach

The authors measure risk and time preferences using both the cumulative prospect theory and quasi-hyperbolic time discounting in a sample of business majors. The Psychopathic Personality Inventory – Revised test is then used to measure the global psychopathy and eight primary and two secondary traits of the sample of business majors. The measures of psychopathy are used as explanatory variables to model variation in subjects’ time and risk preferences.

Findings

The authors find that the overall score on the continuum of psychopathy is positively related to the linearity of the cumulative prospective utility function. A breakdown of psychopathy into its secondary and primary traits shows a more complex relation. For example, the secondary trait of self-centered impulsivity is statistically significant in models of financial risk preference determinants under the cumulative prospect theory. The authors find that the primary traits of self-centered impulsivity and stress immunity are related to a higher time preference discount rate under quasi-hyperbolic time preferences.

Originality/value

This paper adds to the literature on personality and financial decisions and highlights the importance of psychopathy in finance.

Details

Studies in Economics and Finance, vol. 38 no. 1
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 10 November 2017

Rima Bizri, Rayan Jardali and Marwa F. Bizri

The purpose of this paper is to investigate the role of non-economic factors on the financing decisions of family firms in the Middle East. To contextualize the study, the authors…

1438

Abstract

Purpose

The purpose of this paper is to investigate the role of non-economic factors on the financing decisions of family firms in the Middle East. To contextualize the study, the authors steer away from the traditional capital structure debate toward the choice of financing paradigm: conventional vs Islamic.

Design/methodology/approach

This study uses Ajzen’s theory of planned behavior due to its ability to delineate the influence of non-economic motivational factors on the financing decisions of family firms. This study also examines the influence of “familial stewardship (FS),” another non-economic factor which is highly relevant in a collectivistic context. The authors initially use SEM with Amos to analyze 115 surveys of family firm owner-managers. For deeper probing, the authors undertook an additional post hoc qualitative analysis of six case studies using semi-structured interviews.

Findings

The findings of this study suggest that owner-managers’ attitude toward Islamic finance plays a primary motivational role in influencing their intentions to use it. More importantly, the findings depict a significant influence of “FS” and subjective norm on the attitudes of owner-managers. This implies that financing decisions which involve religious beliefs are directly influenced by the decision maker’s personal attitude, which, in turn, is significantly influenced by familial and social pressures.

Originality/value

This study fills a gap in the family-firm financing literature by suggesting that when choosing religion-related financial products, attitude plays a far more significant role than other motivational factors. This study also contributes to the “familiness” area of research by empirically demonstrating that FS has a significant influence on owner-managers’ attitude toward financing choices.

Details

International Journal of Entrepreneurial Behavior & Research, vol. 24 no. 4
Type: Research Article
ISSN: 1355-2554

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Book part
Publication date: 8 July 2021

Marco Berti

This chapter investigates the mutual relationship between logic and paradox, showing that paradox is indispensable to test logic, as well as logic is necessary to extend our…

Abstract

This chapter investigates the mutual relationship between logic and paradox, showing that paradox is indispensable to test logic, as well as logic is necessary to extend our understanding of paradox. Firstly, I consider the lesson that organizational theory can draw from formal logic’s investigation of semantic and set-theoretic paradoxes. Subsequently, I survey the plural interpretations of the concept of “logic” in organizational theory (as logic of theory, logic of practice, and institutional logics). I argue that this plurality of meanings is not a source of confusion but offers an opportunity to illustrate different manifestations of, and ways to cope with, organizational paradoxes.

Details

Interdisciplinary Dialogues on Organizational Paradox: Investigating Social Structures and Human Expression, Part B
Type: Book
ISBN: 978-1-80117-187-8

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Article
Publication date: 7 March 2008

Amidu Abdul‐Rasheed, Aluko Bioye Tajudeen, Nuhu Muhammad Bashar and Saibu Muibi Olufemi

Quite a substantial number of academic papers have examined the performance of both direct and indirect real estate relative to other investment assets. While these studies are…

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Abstract

Purpose

Quite a substantial number of academic papers have examined the performance of both direct and indirect real estate relative to other investment assets. While these studies are valuable in the field of real estate investment performance measurements, a gap still exist in the literature on the comparative performance of investment assets in the various sectors of the stock markets of most emerging economies. This paper aims to fill the gap by providing analysis of the historical performance of real estate and other securities in the Nigerian capital market.

Design/methodology/approach

Annual open and closing market prices of shares and dividend of sampled listed companies in addition to data on all share index (ASI), consumer price index (CPI) and yield on 90‐days T‐Bill were obtained for the period 1999‐2005. These were then analysed using descriptive, risk‐adjusted measures and regression models.

Findings

The empirical evidence suggests that while real estate outperformed the market on a nominal basis, it underperformed the market stock on a risk‐adjusted basis over the time period of analysis. Unexpectedly, real estate security did not provide a good protection against inflation and is also uncorrelated with the stock market.

Originality/value

This paper provides empirical evidence of the investment characteristic of indirect real estate investment in Nigeria. The results suggest that real estate security does not after all provide a good substitute to direct real estate investment.

Details

Journal of Property Investment & Finance, vol. 26 no. 2
Type: Research Article
ISSN: 1463-578X

Keywords

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Book part
Publication date: 20 July 2022

Yuji Yamagami and James Ramirez

The chapter describes how the application of clean language interviewing (CLI) to management systems auditing (MSA) originated; the resulting Yamagami-Small (YS) process; the…

Abstract

Chapter Summary

The chapter describes how the application of clean language interviewing (CLI) to management systems auditing (MSA) originated; the resulting Yamagami-Small (YS) process; the challenge of gaining acceptance from auditors and leaders in Japanese manufacturing companies; and the lessons learned as a result of the application of CLI to MSA in a Japanese culture. The chapter will be relevant to quality improvement specialists and more widely to anyone conducting an audit in an organisational setting.

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