Ex-ante performance of REIT portfolios

Review of Quantitative Finance and Accounting - The Real Estate Investment Trust (REIT) market has become an increasingly important vehicle for alternative investment for equity investors. While...     

The appropriateness of statistical methods for testing contingency hypotheses in management accounting research

In recent years, the contingency-based management accounting literature has been criticized for being fragmentary and contradictory as a result of methodological limitations. This study adds to this picture by showing that the theoretical meaning of some commonly used statistical techniques is unclear, i.e. the functional forms are not precise enough to be able to discriminate between several sometimes even conflicting theories of contingency fit. The study also shows that the techniques differ significantly in terms of how interaction effects between context and management accounting are modeled. This implies that some methods are only appropriate when theory predicts interaction effects in general while others are only appropriate in cases where theory specifies a more precise functional form of interaction such as symmetrical or crossover interactions. Based on these observations, several recommendations for future research are proposed.     

State income taxes and team performance

International Tax and Public Finance - Professional athletes are both highly paid and highly mobile workers. Previous research has shown that athletes respond to state income taxes differentials...     

The Effect of Feedback on Process and Outcome of Loan Negotiations: Consequences on Risk Aversion and the Willingness to Compromise

We examined the influence of feedback regarding alternatives on risk aversion and willingness to compromise in student loan negotiations. In a simulated negotiation, participants in the roles of bank advisors and clients received feedback about alternative offers either only after an impasse of the negotiation, or regardless of outcome. When receiving feedback only after an impasse, participants tried to avoid the regret-eliciting feedback and therefore set less ambitious goals and showed higher willingness to compromise. In particular, they set a less ambitious reservation price and estimated a less beneficial ‘best alternative to negotiated agreement’. When analyzing the process of the negotiation, we found that they made less favorable offers more quickly and arrived at less favorable final offers. They sacrificed their previously set goals by violating their reservation prices and underbidding their estimated ‘best alternative to negotiated agreement’ more often. Therefore, they showed a higher potential for agreement with the other party, but at the cost of less favorable outcomes. Results indicate that anticipated regret could contribute to suboptimal negotiation outcomes in the context of student loans, which might lead to long term dissatisfaction.     

Regional competitiveness, university spillovers, and entrepreneurial activity

This study examines the impact of regional competitiveness on the innovative activity of entrepreneurial firms. Based on a unique and hand-collected dataset of publicly listed high-technology start-ups and university regions, this paper tests how regional competitiveness and university spillovers affect the innovation behavior of entrepreneurial firms. The results provide strong evidence that regional competitiveness and university spillovers are strong complements in fostering innovation activity of entrepreneurial firms. However, the results also raise the question whether incentives for universities and their actors might lead to crowding out effects.     

Legitimation of a heterogeneous market category through covert prototype differentiation

The literature on market category formation provides insufficient insights into how entrepreneurs address the need for collective legitimation of a market category while simultaneously managing tensions between heterogeneous practices. Through a study of the Autism@Work market category, this article shows that covert prototype differentiation constitutes a distinct construct that explains how entrepreneurs in heterogeneous market categories can strengthen category legitimacy while supporting the practices that they perceive as appropriate, without triggering conflicts related to category heterogeneity. The article also provides insights into how market category legitimacy is perceived by entrepreneurs and the antecedents and implications of such perceptions.     

Operating Lease as Alternative Financing for REITs: a Viable Strategy or a Sign of Trouble?

The Journal of Real Estate Finance and Economics - Extant REIT research largely overlooks operating leases as an alternative source of financing. In this study, we hand-collect lease information of...