Does a Nearby Murder Affect Housing Prices and Rents? The Case of Sydney

We measure the impact of murders on prices and rents of homes in Sydney. We find that housing prices fall by 3.9 per cent for homes within 0.2 miles of the murder in the year following the murder, and weaker results in the second year after a murder. We do not find any effects of murders on rents. Higher media coverage and being located closer to the murder (within 0.1 mile) have no additional effect on prices. Taken together, our findings suggest that proximity to a murder affects nearby property prices, particularly in the first year after the incident.     

Moderately thin advertising models are optimal,most of the time: Moderating the quadratic effect of model body size on ad attitude by fashion leadership

The authors hypothesize and find that an advertising model’s body size has an inverted U-shaped relationship with ad attitude in the apparel product category, in which moderately thin advertising models are optimal. They assess the moderating effect of consumers’ fashion leadership on this quadratic relationship, proposing that this moderation may shift the optimum and/or create a flatter inverted U-shape. In the empirical studies, the authors find both types of moderation may occur and that there may be conditions under which slightly larger, intermediate sized models are most effective for fashion followers and that under other conditions model body size seems to be irrelevant for fashion leaders. As expected, the authors find a positive effect of ad attitude on brand attitude and purchase intentions.     

Contracts for dummies? The performance of investors in contracts for difference

Investors widely use contracts for difference (CFDs) to leverage and short sell underlying financial assets. We investigate the after cost performance of investors in Australian Securities Exchange listed share CFDs, and find that market order CFD trades earn small positive returns at the daily horizon, with negative returns reported for one month to one year horizons due to financing costs. Market orders also net sell positions, which suggests that investors use CFDs for shorting opportunities. Overall, we find that liquidity demanders in CFDs obtain favourable execution, which is inconsistent with the view that CFDs are used by naive individuals.     

Best practice interventions: Short-term impact and long-term outcomes

This paper uses empirical field research to examine whether short-term best practice interventions (BPIs) can lead to improvements that are sustained in the long term. In addition, this research investigates the implied conflict between striving for short-term results and achieving long-term development of capabilities. It also examines the tension between the lack of resources of the typical small and medium sized enterprise (SME) users of BPIs and the time required to develop a critical mass of capability. A longitudinal case-based study of eight SME contexts examined BPI outcomes and factors leading to short- and long-term success and sustaining best practices. The research identifies factors related to the intervention context, implementation and change-agent approach. The data indicate that in resource-limited SMEs BPIs are limited in their ability to develop adequate capability for long-term change.     

The Practical Application of Discounted Cash Flow to Plant Purchase Using an Integrated Suite of Computer Programs

This paper describes the problems of using DCF techniques for machine tool evaluation. It is shown that many of the technical and financial assumptions traditionally made are erroneous. However, the use of specially devised computer programs allows these problems to be overcome, with the result that the output from the program reveals how previous authors, by using incorrect methodologies, have seriously understated the financial benefits of investing in advanced technology. The paper discusses the difficulties normally experienced when trying to apply DCF principles, and it is shown how these difficulties are alleviated by the use of a correctly structured program.     

The Roles of Independent Research and Technology Organizations in the United Kingdom's Technology Transfer Mechanism to SMEs

Independent Research and Technology Organizations (RTOs) provide an increasing proportion of the UK's technology services requirements. RTOs, often former state research establishments spun out into the private sector, provide technology consulting and networking services to specific sectors or for generic technologies; some are membership-based organizations while others work for contract clients. In this paper we explore the roles and services provided by RTOs, together with the measures being taken to assist small firms that, for many RTOs, form a new and challenging market. The diversity of services and approaches to SMEs are related, in part, to the different origins of RTOs. The research indicates three forms of technology services market failure that suggest a need for ongoing external support for the market's mechanism.     

Multinational Learning under Asymmetric Information

The aim of this paper is to analyze the competition between a multinational and the incumbent firm in a foreign market under asymmetric information about demand and unobservable outputs. It is shown that the incumbent firm increases its production in the first period to signal to the multinational that the demand is low. The multinational reduces its output in the foreign market in order to signal-jam. In addition, the multinational increases its production in the other market. However, total production of the multinational is lower. Implications for research and development expenditure by the multinational are examined.     

The long-term unemployed,informal economic activity and the ‘underclass’ in Belfast: rejecting or reinstating the work ethic

The notion of an ‘underclass’ existing outside the realm of mainstream society continues to hold sway among journalists and policy-makers. While there are many new contenders for inclusion among the underclass, one of the most enduring group of participants is the long-term unemployed. Work-shy individuals, seemingly content to live on welfare benefits, are regarded as placing themselves outside the boundaries of mainstream economic and social life and passing a host of negative characteristics on to their children. The possibility that some of this group might defraud the welfare benefit system through working while claiming benefits adds further weight to negative images about the characteristics of ‘underclass’ members. The aim of this paper is to challenge some of these common assumptions by examining the ways in which unemployed people in an economically depressed locality in West Belfast relied on informal economic activity to help meet their material needs. Such activity has implications for the underclass debate because, rather than demonstrating commitment to some alternative set of values, informal economic activity drew participants into the wider economy and demonstrated adherence to mainstream values. Moreover, often the debate on social security abuse focuses on the supply side of the issue and is remarkably silent about the demand side of the equation. ‘Doing-the-double’ (working while claiming benefits) was not simply an individual response to unemployment and inadequate welfare benefits but was linked to changes in the labour needs of employers in the wider economy.     

EQUIVALENCE OF COMPETITION MODE IN A VERTICALLY DIFFERENTIATED DUOPOLY WITH DELEGATION

This paper aims to examine the equivalence of competition mode in a vertically differentiated product market with the relative performance delegation. It demonstrates the equivalence of product quality and social welfare in this delegation game, irrespective of modes of product competition. In addition, in a three‐stage game of quality‐delegation‐quantity (or price), it shows that the delegation coefficient is different between high‐quality and low‐quality firms in an asymmetric vertical differentiated model, and a high‐quality firm makes better use of the delegation than a low‐quality firm.