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Article
Publication date: 16 December 2019

Felix Lorenz

The purpose of this paper is to contribute to the literature on seasoned equity offerings (SEOs) by examining the underpricing of European real estate corporations and identifying…

367

Abstract

Purpose

The purpose of this paper is to contribute to the literature on seasoned equity offerings (SEOs) by examining the underpricing of European real estate corporations and identifying determinants explaining the phenomenon of setting the offer price at a discount at SEOs.

Design/methodology/approach

With a sample of 470 SEOs of European real estate investment trusts (REITs) and real estate operating companies (REOCs) from 2004 to 2018, multivariate regression models are applied to test for theories on the pricing of SEOs. This paper furthermore tests for differences in underpricing for REITs and REOCs as well as specialized and diversified property companies.

Findings

Significant underpricing of 3.06 percent is found, with REITs (1.90 percent) being statistically less underpriced than REOCs (5.08 percent). The findings support the market timing theory by showing that managers trying to time the equity market gain from lower underpricing. Furthermore, underwritten offerings are more underpriced to reduce the risk of the arranging bank, but top-tier underwriters are able to reduce offer price discounts by being more successful in attracting investors. The results cannot support the value uncertainty hypothesis, but they are in line with placement cost stories. In addition, specialized property companies are subject to lower underpricing.

Practical implications

An optimal issuance strategy taking into account timing, relative offer size and the choice of the underwriter can minimize the amount of “money left on the table” and therefore contribute to the lower cost of raising capital.

Originality/value

This is the first study to investigate SEO underpricing for European real estate corporations, pricing differences of REITs and REOCs in seasoned offerings and the effect of market timing on the pricing of SEOs.

Details

Journal of Property Investment & Finance, vol. 38 no. 3
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 13 September 2021

Felix Septianto, Rokhima Rostiani and Widya Paramita

While new product introductions can potentially promote growth and benefit for brands, it remains unclear how marketers can develop effective communication strategies to increase…

641

Abstract

Purpose

While new product introductions can potentially promote growth and benefit for brands, it remains unclear how marketers can develop effective communication strategies to increase the chance of success for new products. The present research investigates the role of cuteness in leveraging the effectiveness of a narrative emphasizing an insight versus an effort in this regard.

Design/methodology/approach

This research presents two experimental studies. Study 1 examines the moderating role of cuteness on the likelihood of purchasing a new product featuring an insight-based (vs effort-based) narrative. Study 2 extends the findings of Study 1 using different stimuli and establishes the underlying mechanism.

Findings

Results show that when a cuteness appeal is present, an insight-based (vs effort-based) narrative will lead to a higher purchase likelihood. However, these differences do not emerge when a cuteness appeal is absent (a control condition). Further, perceived brand creativeness will mediate this effect.

Originality/value

The findings of this research contribute to the literature on lay belief of creativity, cuteness, and product narrative, as well as managerial implications on how to promote new products.

Details

Asia Pacific Journal of Marketing and Logistics, vol. 34 no. 6
Type: Research Article
ISSN: 1355-5855

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Book part
Publication date: 27 June 2022

Karen Sutherland

Abstract

Details

The Emerald Handbook of Computer-Mediated Communication and Social Media
Type: Book
ISBN: 978-1-80071-598-1

Available. Open Access. Open Access
Book part
Publication date: 14 December 2023

Abstract

Details

Family Firms and Family Constitution
Type: Book
ISBN: 978-1-83797-200-5

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Article
Publication date: 24 July 2020

Arne Lorenz Gellrich, Erik Koenen and Stefanie Averbeck-Lietz

The article discusses findings from a research project on the communication history of the League of Nations. It departs from the League's normative goal of “open diplomacy”…

349

Abstract

Purpose

The article discusses findings from a research project on the communication history of the League of Nations. It departs from the League's normative goal of “open diplomacy”, which, from an analytical standpoint, can be framed as an “epistemic project” in the sense of a non-linear and ambivalent negotiation by communication of what “open diplomacy” should and could be. The notion of the “epistemic project” serves as an analytical concept to understand this negotiation of open diplomacy across co-evolving actors' constellations from journalism, PR and diplomacy.

Design/methodology/approach

The study employs a mixed-method approach, including hermeneutic document analysis of UN archival sources and collective biography/prosopography of 799 individual journalists and information officers.

Findings

It finds that the League's conceptualisations of the public sphere and open diplomacy were fluent and ambivalent. They developed in the interplay of diverse actors' collectives in Geneva. The involved roles of information officers, journalists and diplomats were permeable, heterogenous and – not least from a normative perspective – conflictive.

Originality/value

The subject remains under-researched, especially from the perspective of communication studies. The study is the first to approach it with the described research framework.

Details

Corporate Communications: An International Journal, vol. 25 no. 4
Type: Research Article
ISSN: 1356-3289

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Available. Open Access. Open Access
Article
Publication date: 23 August 2022

Stefan Tscharaktschiew and Felix Reimann

Recent studies on commuter parking in an age of fully autonomous vehicles (FAVs) suggest, that the number of parking spaces close to the workplace demanded by commuters will…

1120

Abstract

Purpose

Recent studies on commuter parking in an age of fully autonomous vehicles (FAVs) suggest, that the number of parking spaces close to the workplace demanded by commuters will decline because of the capability of FAVs to return home, to seek out (free) parking elsewhere or just cruise. This would be good news because, as of today, parking is one of the largest consumers of urban land and is associated with substantial costs to society. None of the studies, however, is concerned with the special case of employer-provided parking, although workplace parking is a widespread phenomenon and, in many instances, the dominant form of commuter parking. The purpose of this paper is to analyze whether commuter parking will decline with the advent of self-driving cars when parking is provided by the employer.

Design/methodology/approach

This study looks at commuter parking from the perspective of both the employer and the employee because in the case of employer-provided parking, the firm’s decision to offer a parking space and the incentive of employees to accept that offer are closely interrelated because of the fringe benefit character of workplace parking. This study develops an economic equilibrium model that explicitly maps the employer–employee relationship, considering the treatment of parking provision and parking policy in the income tax code and accounting for adverse effects from commuting, parking and public transit. This study determines the market level of employer-provided parking in the absence and presence of FAVs and identifies the factors that drive the difference. This study then approximates the magnitude of each factor, relying on recent (first) empirical evidence on the impacts of FAVs.

Findings

This paper’s analysis suggests that as long as distortive (tax) policy favors employer-provided parking, FAVs are no guarantee to end up with less commuter parking.

Originality/value

This study’s findings imply that in a world of self-driving cars, policy intervention related to work commuting (e.g. fringe benefit taxation or transport pricing) might be even more warranted than today.

Details

Journal of Intelligent and Connected Vehicles, vol. 5 no. 3
Type: Research Article
ISSN: 2399-9802

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Book part
Publication date: 11 August 2014

Tatu Vanhanen

Purpose – The purpose of this chapter is to show that because the evolutionary roots of many kinds of phenotypic social phenomena can be partly traced to genotypic factors, it…

Abstract

Purpose – The purpose of this chapter is to show that because the evolutionary roots of many kinds of phenotypic social phenomena can be partly traced to genotypic factors, it would be useful for social sciences to adopt a socio-biological research formula, which combines the impacts of genotypic and environmental explanatory factors.

Design/methodology/approach – The exclusion of evolutionary factors from social sciences and some previous studies using evolutionary factors is first reviewed, after which a socio-biological research formula (y=(a+b)+x) is introduced. It is hypothesized that national IQ as an important genotypic factor explains a significant part of the global variation in all kinds of phenotypic social phenomena. The hypothesis is tested and the use of the socio-biological research formula is illustrated by studies of democratization (ID-10) and human development (HDI-11).

Findings – The results of correlation analysis support the hypothesis on the evolutionary variable’s (national IQ) universal explanatory power. National IQ explains 33 percent of the variation in ID-10 and 68 percent of the variation in HDI-11. Environmental variables increase significantly the explained part of variation in a dependent variable in the case of ID-10 but less in the case of HDI-11.

Practical implications – Because it is evident that national IQ as an evolutionary variable explains a significant part of the variation in all kinds of phenotypic social phenomena, it would be sensible for social sciences to adopt the suggested socio-biological research formula based on the idea that intelligence constitutes an important common explanatory factor.

Originality/value – The suggested socio-biological research formula provides for the social sciences a common theoretical starting point to study many kinds of social problems.

Details

The world of biology and politics: Organization and research areas
Type: Book
ISBN: 978-1-78190-728-3

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Article
Publication date: 6 February 2017

Kim Hiang Liow and Felix Schindler

Using a data set comprising 16 European office markets provided by the DTZ Research Institute from Q1 2003 to Q4 2013, the purpose of this paper is to measure the strength of the…

354

Abstract

Purpose

Using a data set comprising 16 European office markets provided by the DTZ Research Institute from Q1 2003 to Q4 2013, the purpose of this paper is to measure the strength of the unconditional transmission of volatility in the returns to direct property between 16 European office markets with the objective of determining the degree of unconditional spillover between markets.

Design/methodology/approach

To examine volatility spillovers across the 16 office markets, the authors adopted the generalized VAR methodology, variance decomposition and the generalized spillover index of Diebold and Yilmaz (2012) by measuring cross-office market volatility transmission in asset pricing through estimates of several “volatility spillover indices.”

Findings

Volatility spillovers are important and time-varying across the leading office markets, with cross-market volatility interaction being bi-directional and of relative endogenous nature for many markets. The London office market is the “volatility leader” and has exerted significant net volatility influence on the other markets. Additionally, the volatility spillovers between business cycle fluctuations and asset market cycle volatilities are linked across some European economies.

Research limitations/implications

Evidence of co-integration among the domestic volatility spillover cycles implies the presence of unobserved common shocks and might not be good news for international investors who pursue diversification strategies in European office real estate markets.

Originality/value

No previous study has addressed formally the measurement and assessment of the nature and intensity of volatility spillovers across direct office markets on such a broad range of European office markets. The relevance of the topic has been even increasing over the previous years as more and more investors seek for flexibility and participation in the investment process and asset management.

Details

Journal of Property Investment & Finance, vol. 35 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 April 1993

Peter R. Senn

Investigates the importance of English language sources ofFriedrich Theodor Althoff (1839‐1908), a German of great influence bothin his own country and, indirectly, in the United…

85

Abstract

Investigates the importance of English language sources of Friedrich Theodor Althoff (1839‐1908), a German of great influence both in his own country and, indirectly, in the United States. Explores some measures of his influence in education and international understanding. Examines a wide variety of sources. Explains how it could happen that an influential person would end up in intellectual history with almost no recognition. Challenges several conventional assessments. Althoff′s most important contributions are in print and more almost certainly exist in university archives, but the material is scattered and unorganized. Because we do not yet have the full story of this remarkable and complex man, firm conclusions about his influence are not yet possible.

Details

Journal of Economic Studies, vol. 20 no. 4/5
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 23 July 2016

Hansjörg Klausinger

The Nationalökonomische Gesellschaft (Austrian Economic Association, NOeG) provides a prominent example of the Viennese economic circles and associations that more than academic…

Abstract

The Nationalökonomische Gesellschaft (Austrian Economic Association, NOeG) provides a prominent example of the Viennese economic circles and associations that more than academic economics dominated scientific discourse in the interwar years. For the first time this chapter gives a thorough account of its history, from its foundation in 1918 until the demise of its long-time president, Hans Mayer, 1955, based on official documents and archival material. The topics treated include its predecessor and rival, the Gesellschaft österreichischer Volkswirte, its foundation in 1918 soon to be followed by years of inactivity, the relaunch by Mayer and Mises, the survival under the NS-regime and the expulsion of its Jewish members and the slow restoration after 1945. In particular, an attempt is made to provide a list of the papers presented to the NOeG, as complete as possible, for the period 1918–1938.

Details

Research in the History of Economic Thought and Methodology
Type: Book
ISBN: 978-1-78560-960-2

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