Only the Best? Exploring Cross-Border Investor Preferences in US Gateway Cities

The Journal of Real Estate Finance and Economics - Despite heady growth in cross-border investment into commercial real estate over recent decades, there are few studies that examine differences in...     

A systematic literature review identifying associations between outcomes and quality of life (QoL) or healthcare resource utilization (HCRU) in schizophrenia

Aims: There have been no systematic literature reviews (SLRs) evaluating the identified association between outcomes (e.g. clinical, functional, adherence, societal burden) and Quality-of-Life (QoL) or Healthcare Resource Utilization (HCRU) in schizophrenia. The objective of this study was to conduct a SLR of published data on the relationship between outcomes and QoL or HCRU.

Materials and methods: Electronic searches were conducted in Embase and Medline, for articles which reported on the association between outcomes and QoL or HCRU. Inclusion and exclusion criteria were applied to identify the most relevant articles and studies and extract their data. A summary table was developed to illustrate the strength of associations, based on p-values and correlations.

Results: One thousand and two abstracts were retrieved; five duplicates were excluded; 997 abstracts were screened and 95 references were retained for full-text screening. Thrirty-one references were included in the review. The most commonly used questionnaire, which also demonstrated the strongest associations (defined as a p?Limitations: This study included data from an 11-year period, and other instruments less frequently used may be further investigated.

Conclusions: The evidence suggests that the PANSS is the clinical outcome that currently provides the most frequent and systematic associations with HCRU and QoL endpoints in schizophrenia.     

Are CSR Disclosures Value Relevant? Cross-Country Evidence

Using proprietary data that rate corporate social responsibility (CSR) disclosures of firms in 21 countries, this study examines how the strength of nation-level institutions affects the extent of CSR disclosures. We then examine the valuation implications of CSR disclosures and consider how the relation between CSR disclosures and firm value varies across countries. In contrast to prior studies, we separate CSR disclosures into an expected and unexpected portion where the unexpected portion is a proxy for the incremental information contained in CSR disclosures. We observe a positive relation between unexpected CSR disclosure and firm value measured by Tobin's Q. We also find that, while countries with strong nation-level institutions promote more CSR disclosures, the valuation of a unit increase in unexpected CSR disclosures is higher when nation-level institutions are weak.     

Consumer Trust and Satisfaction in the Formation of Consumer Loyalty Intentions in Transactional Exchange: The Case of a Mass Discount Retailer

Marketing relationships can be placed on a continuum from short, discrete transactions to ongoing brand relationships. The majority of recent work has focused on relational exchanges, with some scholars even suggesting early on that the marketing discipline was undergoing a paradigm shift from a transaction-based marketing perspective toward a relational exchange perspective. However, there has been a growing recognition that not all customers seek relational exchanges. Consequently, the current research considers customer relationship management from the less studied, but oft seen, perspective of transactional exchange. A study is presented using recent advances in structural equation modeling analyses, including Bayesian estimation methods and mediation analyses. We further consider the psychological processes underlying the formation of consumer loyalty based on pre- and post-purchase measurements taken over multiple time periods. We specifically hypothesize that consumer satisfaction judgments will fully mediate any influences of post-purchase trust judgments on future loyalty intentions. With American consumers’ trust in businesses at an all-time low, coupled with the recent trend that more and more brick-and-mortar retailers are at risk of “showrooming” for online retailers, there is an apparent need to also consider retail customers who see the value of relationship marketing only selectively.     

Is Holland a Lumpy Country? An application of the Lens-Condition to Dutch Cities

De Economist - Traditional trade theory assumes that countries are dimensionless points. Recent research, however, shows that the internal geography of countries is important for the trade...     

The Forewarning Effect of Critical Audit Matter Disclosures Involving Measurement Uncertainty*

We present experimental evidence suggesting that critical audit matter (CAM) disclosures in the auditor's report involving areas of high measurement uncertainty forewarn users of misstatement risk. Specifically, in our first study with MBA students, financial analysts, and attorneys, we find that CAMs (i) lower premisstatement assessments of confidence in the financial statement area disclosed as a CAM, and (ii) lower assessments of auditor responsibility for a subsequently revealed misstatement in a CAM-related area. In our second study with student participants proxying as mock jurors, we find that the responsibility-mitigating effect of CAM disclosure is driven by CAM disclosures involving measurement uncertainty, as opposed to CAM disclosures involving categorical determinations. Combined, our findings help reconcile mixed evidence from prior research, supporting the view that the forewarning effect of CAM disclosures involving measurement uncertainty could mitigate perceived auditor responsibility for CAM-related material misstatements.     

Programs trades and trade regulation: An evidence of the Korean securities market

This study addresses the effects of program trade regulation during large market moves. To address this issue, we analyze the effect of sidecars (halts that only affect program trades) on trade imbalance using Korean intraday data. We find that sidecars, as currently designed to halt all program trades, are not effective at controlling trade imbalance around volatile markets. Resolution of trade imbalance is more effective when program trade is unrestricted. Program trade, at least a subset, provides liquidity when it is at a premium. We conclude that current sidecars should be more carefully crafted as some program trades are market stabilizing.