Are Investors the Bad Guys? Tenure and Neighborhood Stability in Chelsea,Massachusetts

In this article, we examine the role of investors and occupant‐owners in an urban context during the recent housing crisis. We focus on Chelsea, Massachusetts, because it is a dense city, dominated by multifamily housing structures with high rates of foreclosure for which we have particularly good data. We distinguish between occupant‐owners and investors using local data, and we find that many investors are misclassified as occupant‐owners in the Home Mortgage Disclosure Act data. Then, employing a competing risks framework to study ownerships during the period 1998 through mid‐2010, we find that local investors, who tend to invest more in relation to purchase prices and sell more quickly, experienced approximately 1.8 times the mortgage foreclosure risk of occupant‐owners, conditional on financing. Nonlocal investors have no statistically significant difference in foreclosure risk from occupant‐owners. Nonetheless, those owners with subprime purchase mortgages (most of whom are occupant‐owners) faced the highest foreclosure risk when house prices fell.     

How do successful scholars get their best research ideas? An exploration

We interview 24 marketing professors to ask how they got the ideas for 64 of their papers. More than three-quarters of the papers were inspired by holes in the literature, by a “stylized fact” that the current literature cannot explain, or by an interaction with a manager. The rest fall into several smaller categories that to a large extent can be seen as special cases of the three big ones. We describe how papers from each of the three big categories help move the literature forward. We also illustrate the range of situations contained in each category by way of several examples. Among the authors we interview, most do not use a single source. As these authors become more senior, managerial contacts play an increasing role, while the balance between literature and stylized facts appears to be unchanged.

     

Correction to: Are two brands better than one? Investigating the effects of co-branding in advertising on audience memory

Marketing Letters - The article Are two brands better than one? Investigating the effects of co-branding in advertising on audience memory, written by Cathy Nguyen, Jenni Romaniuk, Margaret...     

Migrant entrepreneurship in China: entrepreneurial transition and firm performance

Small Business Economics - China is experiencing rapid urbanization during which millions of migrants move from rural to urban areas. Recently, China initiated the national strategy of “mass...     

Nicaragua's Buen Vivir: a strategy for tourism development?

ABSTRACT

Although often framed as an emerging anthropocenic socio-ecological imaginary, the Latin American paradigm of Buen Vivir has provided a broad base of support for tourism development in the region. This article focuses on Nicaragua's Buen Vivir, a national development campaign entitled “Live Clean, Live Healthy, Live Beautiful, Live Well” (called Vivir Bonito, Vivir Bien) The campaign was launched in 2013 as a multi-pronged approach to integrated development in distinct areas including employment, public health, waste management, education, urban aesthetics and national pride. However, it has also had the effect of opening up opportunities for tourism development not only in the capital city of Managua but also alongside other mega-projects such as the planned interoceanic canal. This article draws upon the example of Vivir Bonito, Vivir Bien to illustrate the variety of tourism development strategies currently emerging at the intersection of a left-turn toward Socialism of the 21st Century and Buen Vivir in Latin America, on the one hand, and a post-neoliberal context in which political economic projects of the past continue to leave their mark.     

Is consumer psychology research ready for today’s attention economy?

ABSTRACT

Attention has become an area of major interest in marketing research as a dependent or moderating variable. In this article, we argue for respondent attention as a pivotal part of any consumer psychology research protocol and highlight the risks of not incorporating realistic attention components into research design. We propose four areas where this approach can help the external validity of consumer psychology research. Our recommendations include accounting for variability in the baseline attention levels; smart use of distractions; allowing for variability in attention over the task and avoiding attention leading/assumptive questions.     

Evidence of Stock Returns and Abnormal Trading Volume: A Threshold Quantile Regression Approach

This paper presents a capital asset pricing model‐based threshold quantile regression model with a generalized autoregressive conditional heteroscedastic specification to examine relations between excess stock returns and “abnormal trading volume”. We employ an adaptive Bayesian Markov chain Monte Carlo method with asymmetric Laplace distribution to study six daily Dow Jones Industrial stocks. The proposed model captures asymmetric risk through market beta and volume coefficients, which change discretely between regimes. Moreover, they are driven by market information and various quantile levels. This study finds that abnormal volume has significantly negative effects on excess stock returns under low quantile levels; however, there are significantly positive effects under high quantile levels. The evidence indicates that each market beta varies with different quantile levels, capturing different states of market conditions.     

Public Investment, Congestion, and Private Capital Accumulation

This paper analyses the impact of public investment on the dynamics of private capital formation in an intertemporal optimising market-clearing framework. The key feature characterising the analysis is that the public good is treated as a durable capital good, subject to congestion. We show how in the presence of congestion the effect of government investment on private capital formation involves a tradeoff between the degree of substitution between private and public capital in production and the degree of congestion. Both lump-sum and distortionary tax financing are considered, with this tradeoff being tightened in the latter case