Social Capital and Mortgage Delinquency

The Journal of Real Estate Finance and Economics - This study offers a simple theoretical model and empirical evidence to address the impact of social capital on mortgage delinquency. Social...     

How Does Mortgage Debt Affect Household Consumption? Micro Evidence from China

The high growth rate of mortgage debt in various emerging and developed economies has captured headlines following the financial crisis. In this article, we investigate how mortgage debt impacts household consumption behavior and various components of household consumption. Utilizing comprehensive household survey data from China, we show that households with a mortgage consume a higher portion of income than households without a mortgage. This is in line with the argument that having a mortgage reduces the uncertainty that the household faces regarding how much to save each month in order to be able to own a house, and this reduced uncertainty leads to lower monthly savings for the purpose of buying a house. We also find that among households with a mortgage, those who spend a larger share of their income on mortgage payments spend less on consumption, reflecting the crowding out effect of mortgage payments on household consumption. Furthermore, we show that a government policy of decreasing the maximum loan‐to‐value ratio has a significant impact on households’ consumption. The article offers the first evidence of the impact of growing mortgage debt on the consumption behavior of households, and will have implications for government policies that encourage mortgage borrowing.     

Business process management in hotels: with a focus on delivering quality guest service

Quality & Quantity - In this study business process management as a tool of improvement service quality is introduced and it is examined that how it can be used to improve service quality in...     

Trading volume,time-varying conditional volatility,and asymmetric volatility spillover in the Saudi stock market

Despite the well known importance of volatility–volume relationship, there is a paucity of research on this topic in emerging markets. We attempt to partially fill this gap by investigating volatility–volume relationship in the most important exchange market in the Middle East. We test the effect of trading volume on the persistence of the time-varying conditional volatility of returns in the Saudi stock market. Overall our results support the mixture of distribution hypothesis at the firm level. We also use two different proxies for information arrival, intra-day volatility, and overnight indicators. We find that these are good proxies for information and are important as contemporaneous volume in explaining conditional volatility. We also test for the volatility spillover direction between large- and small-cap portfolios. Our results show that the spillover effect is larger and statistically significant from large to small companies.     

Religion,spirituality, and well-being: A systematic literature review and futuristic agenda

Informed by religion and psychology literature, this study reviews the literature on religiosity, spirituality, and psychology to support existing theory development in the current emergence of “Management, Spirituality, and Religion” field of study, encourage new contextual thinking and develop a framework to guide businesses on the integration of spirituality and religiosity at work given their documented benefits in relation to personal well-being and productivity. Using the Web of Science (WoS) database, the paper reviews and synthesizes recent research in a systematic, transparent, and reproducible manner. In addition, to verify and include the state-of-the-art of high-quality scientific articles, we refer to the Chartered Association of Business Schools list leading to the adoption of the following criteria: (a) journals listed in the ABS ranking as 3- and 4-star class, (b) indexed under the field of ethics (i.e., ETHICS-CSR-MAN), (c) articles published between 2000 and 2021, and (d) topical relevance. The review extends the existing literature by developing a framework for organizations that helps in identifying possible linkages between religiosity, spirituality, and employee well-being. This was done by (1) extending the six indicators of Ryff's well-being framework, (2) highlighting potential spiritual practices for individuals and organizations and their implications, and (3) presenting a framework that is contextualized to the extent possible and that can serve as a useful guide for organizations. Insights from our review yield in turn two key propositions: (1) workplace spirituality and individual spirituality are both important for employees' well-being, and (2) individual religiosity is an important factor for personal well-being. This offers in turn reinvigorated awareness and new insights into the topic under study. The study highlights in closing an array of future possible research directions.     

The Importance of the Sequence in UK Rights Issues

Abstract:  This study examines the market reaction to UK rights issues announcements and also investigates the position of these issues in the sequence in which the firms make multiple rights issues. The sample consists of 569 rights issues made by 243 industrial and financial firms over the period 1988–1998. The results suggest that the UK market responds negatively to earlier issues in the sequence made by multiple rights issuers. This negative reaction diminishes and becomes insignificant at or after the third issue. In addition, the study shows that the favourable response to later rights issues in the sequence is due to the diminishment in the level of information asymmetry around such issues.     

An integrated approach to measuring potential spatial access to health care services

In recent years there have been several attempts to develop quantitative measures of potential spatial access to health care services which, despite their limitations, offer many positive ideas that can perhaps be integrated into a logically consistent and generally acceptable index. It is in this vein that the current paper presents an integrated approach, drawing partially from past contributions, to measuring potential spatial access to health care services. The final access index is derived as the culmination of a series of individual measures, starting with an initial gravity formulation and progressing through successive stages as new elements, consistent with the definition and conceptualization of potential spatial access, are introduced. Application of the proposed index to the ambulatory medical care system of the Akron, Ohio SMSA, demonstrates the validity of the measure, and its suitability as a potential health care planning tool.