A Test of a Buying Rule for "Underpriced" Apartment Buildings

Apartment-building repeat-sales data are used to test a trading rule. Property values are estimated through regression; if the actual price is less than the estimated value, the property may be "undervalued." Returns are calculated for these "undervalued" properties and adjusted for risk using the Sharpe ratio. A test is done of whether these ratios are significantly different for different portfolios. The "undervalued" properties have higher appreciation returns, but once these are adjusted for risk, the differences in returns are not significant. The paper contributes to the real estate efficiency literature and suggests a workable method for comparing the performance of real estate portfolios on a risk-adjusted basis.     

Increasing Charitable Giving: What Can We Learn from Economics?*

There is growing policy interest in charitable giving in the UK. As part of its Big Society agenda, the current government is keen to encourage a higher level of donations, highlighting new technologies, new social norms and tax incentives as potential mechanisms for raising giving. In the 2012 Budget, however, the Chancellor also proposed limiting tax relief on donations to £50,000, sparking an intense discussion about the effectiveness and desirability of tax incentives for major donors. This paper brings together recent evidence relevant to the ongoing policy debates.     

Correlates of Drug Testing Attitudes in a Sample of Blue Collar Workers

Using responses from 1429 workers employed in the wood products industry, we examine the relationship between drug testing (DT) attitudes and several demographic, organizational, job attitude, and job outcome variables. After controlling for age and marital status, analyses revealed moderate correlations between DT attitudes and alcohol and drug variables, DT program characteristics, organizational, and work attitude variables. DT attitudes were weakly but significantly related to absences, late work arrivals, accidents, and injuries. Implications of the findings and future research suggestions are discussed.     

The effects of information order and hypothesis-testing strategies on auditors' judgments

This research examined the effects of information order and hypothesis-testing strategies on audit judgements. Auditors started with high or low prior beliefs about an internal control system and then reviewed both positive and negative evidence. The results suggest that, unless specifically requested to do so, auditors do not generally seek confirming evidence. We also found that prior beliefs have an effect on the importance of information order: with high prior beliefs, subjects' judgements were unaffected by information order, while low prior beliefs were associated with a recency effect.     

运用PDCA循环促进团队学习:以台湾医药物流业务团队为例

以台湾某外商医药物流公司为例,介绍了如何运用PDCA循环,历经多次沟通、协调、冲突与妥协的运作,进而成功建立"业务-营销运作中心"的方法.期间团队领导者与成员为达成高绩效表现,持续进行各种业务流程的改善,并以全员学习导向为标竿,不仅构筑了行业进入壁垒,并且培育了企业的核心竞争力.     

Broadening the concept of rational economic behavior: A case study of cheese making at the Abbey of Tamié

Through an analysis of the business activities of a Trappist monastery, an attempt is made to add to the understanding of how ethical considerations, custom, and culture, as well as the profit motive, affect how actual economic decisions are made. This analysis is implemented through a case study of the cheese-making business of a monastery in the French Alps where the tradition of cheese, agriculture, and monks is important to the culture and customs of the area. The analysis finds that the monks are able to successfully conduct their business in ways that honor their custom and culture within the religious confines imposed by the monastery.