Book Reviews

Book reviewed in this article:
Policing Industrial Disputes: 1893–1985 , by Roger Geary
The Price of Industrial Labor , by J. E. Annable
The Performance of Labour-Managed Firms , edited by Frank H. Stephen
Comparative Industrial Relations: An Introduction to Cross-National Perspectives , by R. Bean
Directors of Industry: The British Corporate Network 1904–1976 , by John Scott and Catherine Griff
Skilled Workers in the Class Structure , by Roger Penn
Capitalism, class conflict and the new middle class , by Bob Carter
Improving Industrial Relations - The Advisory Role of ACAS by Eric Armstrong and Rosemary Lucas
The Information Technology Revolution , edited by Tom Forester
A Textbook of Industrial Relations Management , by George Thomason
The Industrial Relations Position of Foreign-Owned Firms in Britain , by Peter J. Buckley and Peter Enderwick
Fighting Closures: De-industrialization and the Trade Unions, 1979–1983 , edited by Hugo Levie, Denis Gregory and Nick Lorentzen
Ballots and Union Democracy , by Roger Undy and Roderick Martin     

Evolution of the American Real Estate and Urban Economics Association1

This article summarizes the 45‐year history of the American Real Estate and Urban Economics Association (AREUEA). It describes how AREUEA was created in the mid‐1960s by a few academics interested in promoting real estate research. It tracks the Association's growth into a highly respected international association of real estate academics and researchers employed by industry and governments. The article also examines the activities of its members: officers elected, awards presented, conferences organized and scholars' contributions to its main academic publication—Real Estate Economics. The article identifies the most prolific contributors to the Journal (located both in the United States and internationally) and the impact that the Journal's publications have had on real estate research. Finally, we describe how real estate research interests have changed over time.     

Rankings of Contributing Authors to the AREUEA Journal by Doctoral Origin and Employer: 1973–1987

This paper reports on the rankings of the contributing authors to the AREUEA Journal, the origins of their doctoral degrees, and their employers from 1973–1987. Articles in the Journal were identified as being either finance, investment, valuation, housing, and urban and regional. The rankings suggest that approximately 28% of the contributing authors have managed repeat appearances. The rankings also indicate that over 74 different institutions have awarded doctoral degrees to AREUEA Journal contributors and more than 180 different institutions have employed them.     

Research on Real Estate Investment

AREUEA is pleased to acknowledge the financial support of the National Council of Real Estate Investment Fiduciaries (NCREIF) whose members are listed on the preceding page. We also thank Mike Miles for his role in maintaining an excellent relationship between NCREIF and AREUEA over the years. Finally, the editors acknowledge the continuing financial support of their colleges at The Ohio State University and of the Homer Hoyt Institute.     

A Descriptive Analysis of the AREUEA Members: 1978

A survey of AREUEA members reveals that the association is a diverse professional organization composed of individuals from academia, the government and the real estate industry. This paper presents the data obtained from this survey and identifies the membership by type of employment, teaching and research interests, other professional affiliations and professional designations.     

Adjustments in the Real Estate Market

AREUEA is pleased to acknowledge the support of the National Association of REALTORS in the preparation of this issue. We are particularly grateful to John Tuccillo, Senior Vice President and Chief Economist at NAR, for recognizing the importance of this research area and encouraging these studies. The editors would also like to acknowledge the continuing support of their colleagues at The Ohio State University and of the Homer Hoyt Institute.     

The influence of the board of directors on outside-in strategy

Evidence suggests that focusing on the needs of the marketplace to create customer value and firm advantage, an outside-in (OI) approach to strategy, yields superior firm performance. However, despite the acknowledged advantage of an OI approach to strategy, it has not yet achieved widespread adoption by industry practitioners. Absent formal insight regarding how a firm-wide OI approach to strategy emerges, we introduce the premise that a firm-wide practice requires influence from those at the top of firm hierarchy, i.e., its Board of Directors. We posit that if the OI construct is both: (1) strategic rather than tactical in nature, and (2) enterprise-wide rather than function specific (e.g., marketing), then firm-wide adoption requires BOD acceptance, if not advocacy and leadership. We present 10 research propositions that describe how the board influences a firm-wide OI approach to strategy and provide specific implications for scholars from marketing and corporate governance as well as boards and chief marketing officers.     

House Price Indexes: Issues and Results

AREUEA is pleased to acknowledge the support of the National Association of REALTORS for this special issue on house prices. We are particularly grateful to John Tuccillo, Senior Vice President and Chief Economist at NAR, for recognizing the importance of this emerging research area. The editors also acknowledge the support of their colleges at The Ohio State University and of the Homer Hoyt Institute.     

Access to information resources: The developmental context of the space WARC

The first session of the Space WARC to be convened in August 1985 is concerned with ‘principles, technical parameters, and criteria for planning’. This article argues that the actual agenda is much greater: it concerns equitable access to the tools of the information revolution. The author proposes an agenda for action including modification of the INTELSAT VI series and measures to ensure access to terrestrial facilities. The author believes that failure to view the Space WARC in a developmental context could result in an impasse at the conference and perpetuation of inequitable access to information resources.     

American Real Estate and Urban Economics a Canadian Perspective

AREUEA membership spans both the United States and Canada and there is a tendency to homogenize real estate and urban economics into a "North American" cauldron. However, Canadian and American real estate markets, and the cities within which they operate, differ in fundamental ways. If we are to develop appropriate means for analyzing real estate and financial markets in these two countries it is imperative that we understand the underlying differences between American and Canadian cities. This paper sets out in summary form some of the differences that have been identified to date, differences that relate not only to the cities in the two nations, but to the broader cultural and institutional underpinnings as well.     

Bias in Appraisal-Based Returns

This note quantifies and extends Giliberto's [AREUEA Journal 16(1)] analysis of bias in appraisal-based returns. An important clarification and distinction is made, defining two different perspectives from which one may view appraisal return bias. The Giliberto analysis addressed bias in the holding period return only. Here, after reviewing and extending Giliberto's analysis in this regard, bias is considered from another perspective, that of the arithmetic mean of a time-series of appraisal-based returns. The two types of bias are likely to be of opposite sign, thereby possibly offsetting one another, so that we may often observe very little bias in the means of empirical appraisal-based returns time-series.     

Cheap talk? Strategy presentations as a form of chief executive officer impression management

Research summary: We develop and test a set of hypotheses on investors' reactions to a specific form of impression management, public presentations of overall strategy by Chief Executive Officers (CEOs). Contrary to expectations from a “cheap talk” perspective, we suggest that such strategy presentations convey valuable information to investors, especially in conditions of heightened information asymmetry associated with varying types of new CEOs. Broad empirical support for our theoretical arguments is shown in a sample of strategy presentations carried out by NYSE and NASDAQ listed organizations over 10 years. Our research contributes to literature on new CEOs and impression management. We draw out implications both for management and for further research. Managerial summary: We examine the impact of public presentations on company strategy by Chief Executive Officers (CEOs) on company stock prices. Adjusting for market movements in general, on average stock prices rose by 1.6 percent following these strategy presentations. Strategy presentations received larger reactions the more the CEO was unfamiliar to investors. Thus, stock price gains for new CEOs in general were 5.3 percent; for external, within‐industry new CEOs, they were 9.3 percent; and for external, outside‐of‐industry new CEOs, they were 12.4 percent. Given that only 40 percent of new CEOs present on strategy in their first 200 days post‐appointment, we suggest that new CEOs pay more attention to this potential means of communicating, especially if they are unfamiliar to investors. Copyright © 2015 John Wiley & Sons, Ltd.     

Intraregional foreign direct investment in the asian pacific region

This article attempts to identify the emerging pattern of Foreign Direct Investment (FDI) and/or international production in the Asian Pacific region. The internationalisation of production has accelerated in the Asian Pacific region as competitive advantage has shifted and as protectionist measures have changed traditional source patterns. The Asian Pacific region has evolved into an interactive international production system comprising three tiers of countries: Japan, the four Asian Newly Industrialized Countries (ANICs), and the four developing countries of the Asian Pacific region (Indonesia, Malaysia, the Philippines and Thailand). The fundamental economic reality which has molded this system is the dynamic complementarity in location advantages of the three tiers.The authors are in the Department of International Business at The University of Michigan. W. Chan Kim is the author of a forthcoming book on Asian Business. Vern Terpstra is a former president of the Academy of International Business and the author of books on international business.     

Research on Office Markets

The American Real Estate and Urban Economics Association is pleased to acknowledge the support of the Homer Hoyt Institute for this special issue on office markets. I am particularly grateful to Maury Seldin, President of the Homer Hoyt Institute, for recognizing the importance of this emerging and timely research area. His support for office market research and his ability to bring together academics, practitioners, and crucial data constitute a valuable contribution to this research area. I also acknowledge the advice and assistance of the former editors of the AREUEA Journal, Donald Haurin and Patric Hendershott; and the current editors, Dennis Capozza, James Shilling, and Kerry Vandell.     

Book Reviews

Strategic Management of Human Resources A Portfolio Approach . George S. Odione. Jossey Bass Ltd, 1985. £30.75 Hdbk., D. YEO
The Philosophy of Leadership . Christopher Hodgkinson. Basil Blackwell, Publisher, Oxford 1983. pp. 247, £12.50, S. R. EPTON
Current Research in Management . Edited by Valerie Hammond. Published by Frances Pinter, London and Dover, 1985, pp. 265, DOUG LOVEDAY
Foresight in Science—Picking The Winners . J. Irvine and B. R. Martin. Francis Pinter, London, 1984. £12.50, S. R. POSTLE
Capital Investment Selection . Johan G. Wissema. Francis Pinter, London. 1985. £17.50, T. W. McRAE
The Environment for Entrepreneurship . Calvin A. Kent. Lexington Books, Gower Publishing Company Limited. 1984. Hardback £22.00. 190 pages, GEORGE HAYWARD
R&D, Patents, and Productivity . Edited by Zvi Griliches. The University of Chicago Press, Chicago and London. 1984. Hardback £46.00. 512 pages, GEORGE HAYWARD
Innovation and Technology Transfer for the Growing Firm: Text and Cases . Julian Lowe and Nick Crawford, School of Management, University of Bath. Pergamon Press. 1984. Hardback £11.50. 226 pages, GEORGE HAYWARD
Aspects of Japanese Commercial Innovation . Rodney Clark. Technical Change Centre, London, 1984., S. A. BERGEN
The Marketing of Technology , This is an addition to the IEE Management of Technology Series published by Peter Peregrinus Ltd. 1984. The Series Editor is G. A. Montgomerie, an earnest of informed and workmanlike texts. Price £15 UK, $38 Americas, £19 elsewhere., S. A. BERGEN
Improving leadership effectiveness: the leader match concept . Fred E. Fiedler and Martin M. Chemers, 2nd edition. J, Wiley, New York. 1984. £10.60, ROY PAYNE
The Trouble with Technology: Explorations in the Process of Technological Change . S. MacDonald, D. McL. Lamberton, T. D. Mandeville, (eds.). 1983. London: Frances Pinter, P. P. SAVIOTTI     

Budgets for research and development: an empirical study of 69 Swedish firms

It was found that, as a rule, firms decide upon individual projects and do not specify in advance a fixed level for the R & D budget. The decision about individual R & D projects and/or the R & D budget was most frequently made by the president of the company. The implication of our results for various kinds of research on the economics of R & D are discussed. Questionnaires were sent out to 124 large Swedish firms, asking how they determined budgets for research and development (R & D) and who decided about the size of these budgets. 94 firms answered and 69 of these undertook R & D.     

The efficiencies defense and commercial bank merger regulation

A binomial probit model is used to estimate the Board of Governors' commercial bank merger policy during the pre-deregulation era from 1963 to 1980. The Board's merger policy is shown to be consistent with a ‘Williamsonian’ efficiencies policy. This contrasts with the merger antitrust environment of the time in which merger-induced efficiencies were not considered. The results also suggest that the Board was influenced by the empirical cost studies of the time.     

职业经理人的甜蜜点

民企的诱惑力,正在一点点地逼近甚至超越跨国公司。2008年5月15日,福建新华都集团总裁兼CEO唐骏从重庆飞抵北京,接受本刊记者的专访。这一天距离其以引发轰动的10亿元薪酬加盟新华都正好一个月。谈到这第一个月的工作,唐骏的神情疲惫中透着兴奋,"很充实,特别特别地忙!"他说。看来,     

Enhancing Synergistic Innovative Capability in Multinational Corporations: An Empirical Investigation

A substantial amount of research has focused on determining and classifying the structures of the global research and development (R&D) organization of multinational corporations (MNCs). However, little research has been undertaken to show how the various R&D structures adopted by MNCs affect their abilities to generate and deploy innovations globally. This study initiates analysis and discussion of this latter dimension, providing empirical evidence of the relationship between the coordination structures and innovative capabilities. Specifically, this study investigates how intrafirm collaborative relationships among globally dispersed R&D units of MNCs enhance the synergistic innovative capabilities of the MNC group. The nature of the collaborative relationships among globally dispersed R&D units is evaluated in the context of four well‐established structural constructs: autonomy, formalization, socialization, and communication. Synergistic innovative capability is defined as a higher‐order ability to accumulate and deploy new knowledge or to recombine existing knowledge to create new innovations more effectively and efficiently due to collaboration among globally dispersed R&D units. It is measured using 10 items commonly used in innovation management research to measure the innovativeness of firms. The analysis is based on survey data collected from 79 R&D units belonging to North American, Japanese, and European MNCs in the telecommunications, biotechnology, pharmaceutical, chemical, and automotive industries. In addition to the survey data, seven highly experienced R&D executives who have worked for several companies were interviewed by telephone in order to obtain a richer perspective of issues and a better context from which to interpret the statistical results. Respondents included personnel from the levels of director, managing director, and vice president who were directly responsible for participating R&D units. The data were analyzed using partial least squares, a structural equation modeling technique that works well with small datasets. The results indicate that synergistic innovative capability has four distinct dimensions uniquely related to the structural variables defining the nature of collaborative relationships among globally dispersed R&D units. The four dimensions of synergistic innovative capabilities are labeled strategic R&D synergy, managerial and operational synergy, knowledge management synergy, and innovative proficiency synergy. The research and managerial implications of the findings are discussed in this article.     

Budgets for research and development: an empirical study of 69 Swedish firms

Questionnaires were sent out to 124 large Swedish firms, asking how they determined budgets for research and development (R & D) and who decided about the size of these budgets. 94 firms answered and 69 of these undertook R & D.
It was found that, as a rule, firms decide upon individual projects and do not specify in advance a fixed level for the R & D budget. The decision about individual R & D projects and/or the R & D budget was most frequently made by the president of the company.
The implication of our results for various kinds of research on the economics of R & D are discussed.