REIT Economies of Scale: Fact or Fiction?

The real estate industry has recently witnessed significant and pervasive consolidation with further growth and consolidation generally viewed as inevitable. For example, between 1990 and 1997, growth in average net real estate investments by large REITs outpaced growth in average net real estate investments by small REITs by 13 percent. However, no systematic study of the benefits of this consolidation exists. This research studies whether or not there are gains to consolidation due to economies of scale from size, brand imaging, and informational gains from geographic specialization. Our sample consists of 41 multifamily equity REITs, for whom financial and property level data are available in the SNL REIT Database. Using this data, we construct shadow portfolios that mimic each REITs exposure to changes in local market conditions. Our results show no size economies, that branding in real estate is allusive, and that geographic specialization, in agreement with Gyourko and Nelling (1996), has no significant benefit.     

Improving carbon offsetting appeals in online airplane ticket purchasing: testing new messages,and using new test methods

ABSTRACT

Voluntary carbon offsetting by air passengers could help counteract environmental damage caused by air travel. But adoption rates among air travellers are low. This study (1) develops new communication messages which counteract barriers to carbon offsetting identified in prior studies, and (2) tests their effectiveness using psychophysiological and attitudinal measures, a technique new to sustainable tourism research methodologies. Results point to low levels of traveller awareness of carbon offsetting schemes, the primary need for any message to attract the air passengers’ attention, the superiority of pictorial and short textual information as well as the identification of particularly effective content. The study makes three key contributions: (1) it highlights the critical importance of awareness raising as a precursor of behavioural change, (2) it offers tangible recommendations for improving carbon offsetting messages, and (3) it demonstrates the usefulness of psychophysiological measures for pre-testing alternative social marketing messages aimed at increasing environmentally sustainable tourist behaviour across a range of applications. Findings of considerable practical importance include refinements of current messages to increase both attention levels and emotional arousal, and the positive impact of promoting additional social co-benefits alongside environmental benefits. Future valuable research themes using psychophysiological and attitudinal measures are suggested.     

Cruise infrastructure development in Auckland,New Zealand: a media discourse analysis (2008–2016)

The deployment of mega cruise ships is putting pressure on ports to redesign or construct new infrastructure. However, there is limited research which considers the media discourse surrounding this development over a longitudinal period. The aim of this paper is to explore how the media portrays the cruise infrastructure debate in the complex and highly contested political environment of Auckland, New Zealand. Thematic analysis was used to determine the most salient themes found in 103 published articles. Results revealed the media shaped the debate, focusing on a volatile political environment characterised by distrust, a lack of transparency and differing objectives among key stakeholders. An outcome of this research is a rich, in-depth case study of cruise infrastructure development presented through the lens of media discourse. Future research should focus on the perceptions of decision-makers, stakeholders and the community using hedging and framing to probe the media discourse surrounding cruise infrastructure development.     

Quality Measurement and Contract Design: Lessons from the North American Sugarbeet Industry

This paper examines contracts used in the North American sugarbeet industry. Though quite similar in many respects, the contracts we study vary across processing firms in the set of quality measures used to condition contract payments to growers. This is somewhat surprising, given the homogeneous nature of the processors' finished product (refined sugar). It seems unlikely that processors differ significantly in how they value the various attributes of a sugarbeet, and such a difference is perhaps the most natural reason to expect variation in the structure of quality incentives across processors. Previous attempts to explain the observed variation in sugarbeet contracts have focused on differences in organizational form across firms. In this paper, we provide an alternative explanation that relies on variation across production regions in growers' ability to control the relevant measures of sugarbeet quality.     

Empty bowls: conceptualising the role of tourism in contributing to sustainable rural food security

Abstract

It has been suggested that the food insecurity situation prevalent in many parts of the developing world could be alleviated through the creation of tourism-based alternative livelihoods. However, while tourism has been framed as a tool for poverty reduction and livelihood improvement, less attention has been paid to the direct tourism food security link. It is the intention of this article to bring tourism and food security together thereby providing a conceptual discussion for addressing the tourism-food security nexus. A model is deductively developed through review of relevant previous studies linking tourism and its relationship with development, poverty, food security, livelihoods and sustainability. The discussion examines the drivers of these relationships through drawing together extant research relating to tourism, and other livelihood activities and sectors. By doing so, the discussion highlights the key concerns for tourism to work effectively in relation to food security. The importance of sectoral and policy integration in terms of ensuring beneficial relationships across sectors is emphasized. It is concluded that understanding the tourism-food security linkage is crucial for combating poverty in general, and food insecurity specifically.     

Can message framings influence air passengers’ perceived credibility of aviation voluntary carbon offsetting messages?

Abstract

Past literature has identified low purchase rates of aviation voluntary carbon offsetting (VCO) schemes. A lack of credibility of such schemes has been identified as a key obstacle, yet little attention has been given on how to enhance perceived credibility. Using communication theory, this study examines effects of message framing on consumers’ perceived credibility of aviation VCO messages. Data were drawn from a representative sample of 1680 Australians. The results revealed that spatial distance framing influences air passengers’ perceived credibility of aviation VCO messages. Messages focusing on the influence of VCO programs on the environment of a local community obtain higher perceived credibility than those located in other countries. The study also found the interaction of spatial and temporal distance framing effects were different based on consumers’ past purchase experience. The findings suggest how airlines should design messages and refine them based on consumers’ past experience of aviation VCOs.     

Segmenting Overseas Golf Tourists by the Concept of Specialization

A main goal of this study was to use the concept of specialization to segment and better understand Korean overseas golf holiday tourists' demographics, motivations, overseas golf tourism destination attributes, and preference for overseas golf tourism destination attributes. A total of 424 questionnaires were collected and 370 questionnaires were used for further statistical analysis. According to results of data analyses, the advanced segment was more likely to be motivated by the quality of overseas golf resorts and other benefits (such as business opportunities), compared to the beginner and intermediate segments. The beginner group was more likely to be a company employee or housewife who earn the least at between US$35,000–US$50,000 per annum, travel on full package tours, use information from family or relatives, and have a stronger preference for the Philippines or China as golf destinations. The study's results showed potential benefits using the concept of specialization in a sport tourism setting even though the concept has been popularly applied in the outdoor setting.     

A Knowledge-Based Explanation of Franchise System Resources and Performance

The knowledge-based view (KBV) holds that the knowledge that an organization possesses is its most important strategic resource. Despite how important the adequate use of knowledge is to franchise system success, the KBV has yet to guide many franchising studies. The most important principle of KBV is to recognize system-wide resources through the eyes of knowledge-based resources. Using two separate secondary data sets, we examine the relationships between the knowledgeable employment of system resources and system performance. Empirical results reveal consistent support for our hypotheses. The ensuing discussion focuses on the implications of our findings.     

Performance implications of store format diversification for international retailers

Abstract

International retailers face formidable tasks in trying to replicate, or improve upon, their home country success abroad. Their market-seeking efforts sometimes require strategic diversifications of their store format portfolios capable of serving customers in different host countries. In this study, we examine whether the degree of store format diversification helps improve the performance of international retailers. We also assess the possible moderating effects of three factors—internationalization speed, political distance, and cultural distance—on this relationship. Utilizing 2001–2015 panel data for 19 retailers originating from several home countries and operating in multiple host countries, we employ a fixed effects model to examine the hypothesized relationships. Our results show that the performance of international retailers is influenced negatively by store format diversification. This relationship is moderated by internationalization speed and political distance, but not by cultural distance.     

Statement no.134 a proposal for privatization of the Federal Home Loan Bank system

Statement no.134 a proposal for privatization of the Federal Home Loan Bank systemMay 6, 1996