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Article
Publication date: 6 July 2021

Richa Pandey and V. Mary Jessica

The purpose of this study to evaluate the evolving market efficiency of the housing market under the framework of adaptive market hypothesis and martingale difference hypothesis…

264

Abstract

Purpose

The purpose of this study to evaluate the evolving market efficiency of the housing market under the framework of adaptive market hypothesis and martingale difference hypothesis taking a case of India.

Design/methodology/approach

The study used a wild bootstrap version of the generalized spectral (GS) test in the rolling window framework to measure possible time-varying linear and non-linear dependence in the housing market.

Findings

The study finds that the Indian housing market, in general, is not efficient, and this efficiency is dynamic, which changes with time lending support to the adaptive market hypothesis. The study confirms that the evolutionary model of individuals adapting to a changing environment via behavioural biases affects the efficiency of the housing market, which leads to the evolving efficiency of the housing market prices.

Research limitations/implications

The study believes that the potential implications go beyond evolutionary forces and the adaptive market hypothesis , which, does not only depend on an individual's decision-making process but also on social psychology. Thus, a further attempt in this line, taking into account the social psychology and quantitative rigour towards drivers of evolving efficiency is suggested for future research.

Practical implications

The study suggests that there is a possibility of extra returns for market players, but not always. The Indian housing market has witnessed several landmark reforms in recent years, so it is believed that these reforms would decrease the inefficiency level of this market. Contrary to this, the study’s findings reveal an increase in the inefficiency level in recent years. As the Indian housing market shows evolving efficiency, it is believed that the increased inefficiency is temporary. The increased inefficiency can be regarded as the settlement stage of the various policy and technical reforms.

Originality/value

Confirming the presence or absence of adaptive efficiency in the housing market under possible non-linear dependence will be a significant addition to the existing literature.

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Article
Publication date: 22 May 2018

Richa Pandey and V. Mary Jessica

This study aims to investigate the behavioural biases influencing the real estate market investing decisions of normal non-professional investors in India.

1271

Abstract

Purpose

This study aims to investigate the behavioural biases influencing the real estate market investing decisions of normal non-professional investors in India.

Design/methodology/approach

As the study involves the behavioural data with polytomous response format, psychometric test- graded response model (IRT approach) was used for the study with the help of STATA 14. Multi-stage stratified sampling was used to collect a sample of 560 respondents. The study used a 14-item scale representing behavioural biases derived from two broad behavioural theories, i.e. heuristics and prospect theories. Sample characteristics were checked using SPSS 20. Pre-required assumptions for IRT (i.e. local independence and unidimensionality) were tested by CFA using AMOS 20.

Findings

Five items, four of which belong to heuristics (anchoring – 2, representativeness – 1 and availability bias – 1) and one belong to prospect theory (regret aversion) are sufficient to measure the behavioural attitude of real estate investors in the Indian scenario. Item discrimination ai ranged from 0.95 to 1.52 (average value 1.29), showing moderate discrimination power of the items. The items have done a pretty good job of assessing the lower level of agreement. For the higher level of agreement, the scale came out to be less precise, with less information and higher standard error of measurement.

Research limitations/implications

As the behavioural biases are often false, the study suggests the investors not to repeat these nasty biases to improve investment strategies. As they are shared and not easily changeable, understanding these biases may also help them in beating the market by acting as “noise traders”.

Practical implications

The traditional price index is incomplete in some essential respects. The inclusion of these behavioural biases into the construction of price index will greatly improve the traditional price index, policymakers should seriously think about it.

Social implications

Shelter is one of the basic needs; a dwelling unit is needed for one to stay in, develop and contribute to economy and society. If investors try to minimise these biases and policymakers keep a track of these while making strategies, mispricing in this sector can be controlled to some extent, which will ultimately help in the well-being of society.

Originality/value

This study contributes to the limited research by investigating the behavioural biases influencing the real estate market investment decisions of normal non-professional investors. It contributes to the lacking academe on real estate market in India. The study has used a psychometric test, i.e. the item response theory, for evaluating the quality of the items.

Details

International Journal of Housing Markets and Analysis, vol. 11 no. 4
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 18 March 2019

Richa Pandey and V. Mary Jessica

The purpose of this study is to explain the relationship between behavioural biases, investment satisfaction and reinvestment intention considering the effect of evolutionary…

1941

Abstract

Purpose

The purpose of this study is to explain the relationship between behavioural biases, investment satisfaction and reinvestment intention considering the effect of evolutionary psychology. The study believes that biases are not at all times bad; sometimes, biases can assist the individual investor to select the top course of action and allow them to go for the less costly mistakes, thereby helping in achieving satisficing behaviour.

Design/methodology/approach

Data were collected using structured and a close-ended questionnaire from a sample of 560 respondents by using multi-stage stratified sampling method. PLS-SEM was used for preliminary validation of the questionnaire. Mediation model using the structural equation model (SEM) with the help of AMOS 20 was used for the analyses. Pre-requisite assumptions for SEM were checked by using sample characteristics. The study has three constructs with multiple items; hence, the instrument validation was done by measuring the construct validity and reliability using Cronbach’s alpha, exploratory factor analysis and confirmatory factor analysis with the help of SPSS 20 and AMOS 20.

Findings

The study confirms that behavioural biases influence investment decisions in the real estate market. Further, investment satisfaction is found to have a significant and complementary partial mediating effect. The positive mediating effect of investment satisfaction between behavioural biases and reinvestment intention shows that biases are natural tendencies in response to limit to learning which can be explained by evolutionary psychology.

Research limitations/implications

There are chances that the result obtained here is because of myopic decision-making behaviour in which the long-time horizon is not considered and behavioural biases, as well as evolutionary psychology, are adaptive, so the result may change in the long-time horizon, which seeks further investigations. The study talked about the relationship between behavioural biases, investment satisfaction and reinvestment intention; it will be interesting to bring some more constructs in this model, for example, investment intention and reinvestment behaviour; this can deliver a more precise picture in this regard.

Practical implications

Understanding such relationships will help in better clarity about the way investment is made. The study confirms that market behaviour in the real estate market is sub-optimal, which shows that there is an opportunity for attentive investors by trading and gathering on information. Real estate practitioners can get clues from market anomalies and investor phenomena; understanding these may suggest ways to use them in the market.

Social implications

Reforms in the housing sector do not only satisfy one of the basic needs but also leads to holistic economic development. Besides direct contribution, it contributes to social capital.

Originality/value

The study extends the current knowledge base about the relationship between behavioural biases, investment satisfaction and reinvestment intention. This study investigates the behavioural biases influencing the real estate market investment decisions of non-professional investors considering the effect of evolutionary psychology.

Details

International Journal of Housing Markets and Analysis, vol. 12 no. 2
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 13 January 2020

Richa Pandey and V. Mary Jessica

The purpose of this paper is to study the effect of the 2008 global financial crisis on housing market dynamics in an emerging economy like India using quarterly data (Q4…

437

Abstract

Purpose

The purpose of this paper is to study the effect of the 2008 global financial crisis on housing market dynamics in an emerging economy like India using quarterly data (Q4 2008–2009 to Q1 2018–2019). The study explores the extent of linkages between housing prices, monetary policy and financial stability by explaining the nature of the shocks to the housing sector and the degree of impact of those shocks; the possibility of adverse feedback loop which is beyond the natural levels; and the usefulness of explicit and direct role of monetary policy for the housing market stability, which was the loudest demand immediately after the crisis.

Design/methodology/approach

The paper follows a three-step methodology: data transformations, a variable selection process “general-to-specific modelling” with the help of OxMetrics 6 Package, and vector autoregressive modelling with the help of EViews 10. F-test was used to describe the short-term relationships between the variables. Impulse response and variance decomposition were used to explain the type of relationship (negative or positive) and the period of the relationships, respectively.

Findings

The study finds that the housing sector is sensitive to the monetary policy shocks, whereas the contribution of the housing market shocks to the fluctuations in other market variables is not substantial, though not negligible. As far as the nature of the shocks is concerned, the observed dynamics in the real house prices are diverging from their fundamental levels. The housing market shocks are more or less static; it rules out the chances for a self-reinforcing feedback loop with the existing setup.

Research limitations/implications

The study concludes that the observed dynamics in the real house prices are diverging from their fundamental levels. Given the limitation, the researchers could extend this study by decomposing the part of the risk to the sector contributed by the other drivers, which may be inherent imperfections in housing markets, weak and unreliable wealth effect, and the presence of behavioural biases.

Practical implications

The present study finds countercyclical measures to be more useful for this sector as compared to the forward-looking monetary policy reforms in this sector. The central bank in India should continue to refrain from responding directly to the housing sector fluctuations. Investors can enjoy investing in the housing sector without any fear of the crisis as of now. The effect of speculation is small but not negligible, which enjoins the investors and the policy-makers to remain watchful. Interest rate, money supply and inflation lead (Granger-cause) the housing prices. This information is relevant for spending and investment decisions.

Social implications

The study feels that banks should avoid using monetary policy to balance the house prices. This will be beneficial both for the economy and the society, as any change in monetary policy to especially curb out surging housing prices may adversely affect the output, and finally, may lead to the deflation. The fear of deflation may cause devastating economic, financial and social effects.

Originality/value

The study contributes to the literature by shedding some new insights about the interrelationship between macroeconomic variables, housing prices and financial stability in the aftermath of the 2008–2009 financial crisis. Such types of studies are absent from emerging markets, particularly from India.

Details

Property Management, vol. 38 no. 2
Type: Research Article
ISSN: 0263-7472

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Book part
Publication date: 24 November 2022

Natalie Le Clue and Janelle Vermaak-Griessel

The portrayal of female superheroes is not a new phenomenon. To this day Lynda Carter's portrayal of Wonder Woman (1975–1979) is venerated (Hanley, 2014) as one of the first…

Abstract

The portrayal of female superheroes is not a new phenomenon. To this day Lynda Carter's portrayal of Wonder Woman (1975–1979) is venerated (Hanley, 2014) as one of the first portrayals of a ‘super’ female character swathed in popularity and renowned in comic book lore. More recently, several superhero narratives, with women at the helm, have been adapted for the series format including Supergirl, Batwoman and Jessica Jones.

However, until the introduction of Wonder Woman (Jenkins, 2017), film narratives with a female superhero at the centre have been non-existent. In 2019, Captain Marvel was released as part of the Marvel cinematic universe (MCU). Due to its connection to the MCU and the successful Avengers film franchise, the character Captain Marvel, played by Brie Larson, has a built-in familiarity with audiences.

From its first introduction, it is evident that there is a definitive feminist slant to the character and the narrative of Captain Marvel. Therefore, this chapter analyses the comment threads of three fan-made YouTube videos on Captain Marvel. These videos specifically address the feminist overtone as depicted. Specifically, the chapter considers fan reactions to the representation of feminism. The data are analysed through discourse analysis under the guise of Jacques Lacan's mirror theory and Henry Jenkins's participatory culture. Jenkins further notes the connection between, amongst other aspects, the interpretation and the meaningful participation (2015, p. 2) in the specific fandom. The concept of ‘suspension of disbelief’ will also be used as part of the analysis, as well as Henry Jenkins' participatory culture.

Details

Gender and Action Films 2000 and Beyond
Type: Book
ISBN: 978-1-80117-518-0

Keywords

Available. Open Access. Open Access
Article
Publication date: 5 July 2024

Sam Robertson, Helen Leigh-Phippard, Donald Robertson, Abigail Thomson, Jessica Casey and Lucy Jane Walsh

This study aims to explore the experiences of peers working in a range of roles within a single NHS mental health service. This study also aims to provide evidence of the impact…

1048

Abstract

Purpose

This study aims to explore the experiences of peers working in a range of roles within a single NHS mental health service. This study also aims to provide evidence of the impact of existing support, organisational structure and culture around peer working and provide recommendations for a Good Practice Guide for Peer Working. Peer roles require lived experience of mental health conditions and/or services. While the impact on them of using their own lived experience is not fully understood, anecdotal evidence suggests that peer workers may experience a greater emotional impact than other mental health workers. Burnout and retention are particular concerns.

Design/methodology/approach

This was a two-stage study using focus groups and reflexive thematic analysis in Stage 1. The key themes formed the basis of the Stage 2 workshop, which provided recommendations for a Good Practice Guide. The study team consisted of peer researchers with lived experience, supported by a Lived Experience Advisory Panel.

Findings

There is a perceived lack of support and an increased peer burden for peer workers. Recommendations included relevant ongoing training and development; support and supervision; and organisational cultural change.

Originality/value

Working within a peer-led co-production framework, this study contributes to the development of the evidence base for peer emotional labour. Based on the findings, a Good Practice Guide for Peer Working is being developed to promote good practice for the development of future peer worker roles.

Details

Mental Health and Social Inclusion, vol. 29 no. 7
Type: Research Article
ISSN: 2042-8308

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Book part
Publication date: 6 December 2024

Martine Dennie, Cheryl MacDonald and Austin Sutherland

In 2020, former Major Junior hockey players filed a lawsuit against the Canadian Hockey League (CHL), its three regional affiliates and each of their teams. The statement of claim…

Abstract

In 2020, former Major Junior hockey players filed a lawsuit against the Canadian Hockey League (CHL), its three regional affiliates and each of their teams. The statement of claim (Carcillo v. CHL, 2020) alleges rampant institutionalised and systemic abuse shaped by a toxic environment that enables abuse, discrimination and other harmful conduct to continue. In response, the CHL commissioned an independent review panel (Thériault et al., 2020) to investigate the abuse allegations. The panel concluded that the culture in the CHL has allowed abusive practices to become a cultural norm. The purpose of this chapter is to provide an understanding of player perceptions of hazing in the context of an environment that is typically understood as hypermasculine to the point of enabling abuse and the vitiation of consent. Drawing on a content analysis of affidavits from the Carcillo lawsuit as well as semi-structured qualitative interviews we conducted with former CHL players, we discuss the findings that suggest that CHL teams and leagues have often fostered a culture that can facilitate dangerous hazing practices for which consent is not always authentically obtained.

Details

Cultures of Sport Hazing and Anti-Hazing Initiatives for the 21st Century
Type: Book
ISBN: 978-1-83753-556-9

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Book part
Publication date: 8 February 2016

Susan Frelich Appleton and Susan Ekberg Stiritz

This paper explores four works of contemporary fiction to illuminate formal and informal regulation of sex. The paper’s co-authors frame analysis with the story of their creation…

Abstract

This paper explores four works of contemporary fiction to illuminate formal and informal regulation of sex. The paper’s co-authors frame analysis with the story of their creation of a transdisciplinary course, entitled “Regulating Sex: Historical and Cultural Encounters,” in which students mined literature for social critique, became immersed in the study of law and its limits, and developed increased sensitivity to power, its uses, and abuses. The paper demonstrates the value theoretically and pedagogically of third-wave feminisms, wild zones, and contact zones as analytic constructs and contends that including sex and sexualities in conversations transforms personal experience, education, society, and culture, including law.

Details

Special Issue: Feminist Legal Theory
Type: Book
ISBN: 978-1-78560-782-0

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Article
Publication date: 3 July 2017

Gaetano R. Lotrecchiano, Mary Kane, Mark S. Zocchi, Jessica Gosa, Danielle Lazar and Jesse M. Pines

The purpose of this paper is to describe the use of group concept mapping (GCM) as a tool for developing a conceptual model of an episode of acute, unscheduled care from illness…

161

Abstract

Purpose

The purpose of this paper is to describe the use of group concept mapping (GCM) as a tool for developing a conceptual model of an episode of acute, unscheduled care from illness or injury to outcomes such as recovery, death and chronic illness.

Design/methodology/approach

After generating a literature review drafting an initial conceptual model, GCM software (CS Global MAXTM) is used to organize and identify strengths and directionality between concepts generated through feedback about the model from several stakeholder groups: acute care and non-acute care providers, patients, payers and policymakers. Through online and in-person population-specific focus groups, the GCM approach seeks feedback, assigned relationships and articulated priorities from participants to produce an output map that described overarching concepts and relationships within and across subsamples.

Findings

A clustered concept map made up of relational data points that produced a taxonomy of feedback was used to update the model for use in soliciting additional feedback from two technical expert panels (TEPs), and finally, a public comment exercise was performed. The results were a stakeholder-informed improved model for an acute care episode, identified factors that influence process and outcomes, and policy recommendations, which were delivered to the Department of Health and Human Services’s (DHHS) Assistant Secretary for Preparedness and Response.

Practical implications

This study provides an example of the value of cross-population multi-stakeholder input to increase voice in shared problem health stakeholder groups.

Originality/value

This paper provides GCM results and a visual analysis of the relational characteristics both within and across sub-populations involved in the study. It also provides an assessment of observational key factors supporting how different stakeholder voices can be integrated to inform model development and policy recommendations.

Details

Leadership in Health Services, vol. 30 no. 3
Type: Research Article
ISSN: 1751-1879

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Article
Publication date: 21 November 2018

Mary L. Neville

The purpose of this paper is to explore how three young women of color responded with “outlaw emotions” to the novel Aristotle and Dante Discover the Secrets of the Universe by…

256

Abstract

Purpose

The purpose of this paper is to explore how three young women of color responded with “outlaw emotions” to the novel Aristotle and Dante Discover the Secrets of the Universe by Benjamin Alire Sáenz in a literature discussion group. This paper considers how readers respond with outlaw emotions and how responses showed emotions as sites of control and resistance. The aim of this paper is to help English language arts (ELA) teachers construct culturally sustaining literature classrooms through an encouragement of outlaw emotions.

Design/methodology/approach

To examine how youth responded with emotion to Aristotle and Dante, the author used humanizing and ethnographic research methodologies and conducted a thematic analysis of meeting transcripts, journal entries from youth and researcher memos.

Findings

Analyses indicated that youth responded with outlaw emotions to Aristotle and Dante, and these responses showed how youth have both resisted and been controlled by structures of power. Youth responses of supposed “positive” or “negative” emotion were sites of control and resistance, particularly within their educational experiences. Youth engaged as a peer group to encourage and validate outlaw emotions and indirectly critiqued emotion as control.

Originality/value

Although many scholars have demonstrated the positive effects of out-of-school book clubs, there is scant research regarding how youth respond to culturally diverse literature with emotion, both outlaw and otherwise. Analyzing our own and characters’ outlaw emotions may help ELA educators and students deconstruct dominant ideologies about power, language and identity. This study, which demonstrates how youth responded with outlaw emotions and gave evidence of emotions as control and resistance, shows how ELA classrooms might encourage outlaw emotions as literary response. These findings suggest that ELA classrooms attempting culturally sustaining pedagogies might center youth emotion in responding to literature to critique power structures across the self, schools and society.

Details

English Teaching: Practice & Critique, vol. 17 no. 4
Type: Research Article
ISSN: 1175-8708

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