Betting Against the Sentiment in REIT NAV Premiums

The Journal of Real Estate Finance and Economics - We dissect REIT NAV premiums and examine their relation to expected returns. More than half of the cross-sectional variation in NAV premiums can...     

Behind the ‘creative destruction’ of human diets: An analysis of the structure and market dynamics of the ultra-processed food manufacturing industry and implications for public health

A global transition towards diets increasingly dominated by ultra-processed foods (UPFs) has occurred in recent decades to the detriment of public health and the environment. This study aimed to examine long-term trends in the structure and market dynamics of the global UPF manufacturing industry as part of broader efforts to understand the drivers of this transition. Using diverse methods, metrics and data sources, we examined several dimensions (e.g., industry concentration and profitability) according to an adapted structure–conduct–performance model. We found that the global UPF manufacturing industry has evolved to become a major component of global food systems, with its longstanding dominant corporations becoming some of the system's largest accumulators of profit and distributors of capital. It follows that reversing the global UPF dietary transition will require structural and regulatory changes to ensure that population diets, and food systems more broadly, are not subordinated to the interests of powerful for-profit business corporations.     

Ebb and flow: Structural and spatial change in Victoria's brewing industry, 1870–1900

The brewing industry has undergone profound structural and spatial change over the last 150 years. We examine how consolidation began in Victoria's brewing industry using a historical GIS approach. We argue that industry restructuring was shaped by four interlocking dynamics between 1870 and 1900: (1) structural economic change; (2) railway development; (3) technological innovation; and (4) regulatory reform. We show that the ebb and flow of these interacting dynamics generated a non-linear process of change. Similar to North America and Europe, the industry became highly concentrated. However, this process was complicated by local factors such as climate, economy, and distance.     

Dynamics of contention in the gig economy: Rage against the platform,customer or state?

Protest in the gig economy has taken many forms and targets (platforms, customers and state officials). However, researchers are yet to adequately account for this diversity. We use a European survey of Upwork and PeoplePerHour platform workers to investigate worker orientation towards different forms of protest. Results reveal that worker anger, dependence and digital communication shape contention in the remote gig economy. Support for collective organisation is associated with anger at platforms as well as their dependence on the platform and communication with other workers. Individual action against clients is associated with anger and communication but not dependence. Support for state regulation is associated only with anger but not dependence or communication. We conclude that the relational approach entailed by Mobilisation Theory can aid explanation in the gig economy by shedding light on the dynamic process by which solidarity and dependence alter the perceived cost/benefits of particular remedies to injustice.     

The organization of volunteer battalions in Ukraine

When war broke out in Eastern Ukraine in 2014, the government of Ukraine failed to provide adequate defense to maintain its territorial integrity. In the wake of this government failure, several private volunteer efforts arose to meet popular demand for military action against Russian-backed Separatists. These volunteer battalions had to find alternative methods of aligning their incentives with the population wishing to be defended, and alternative methods of aligning the incentives of their leadership and their recruits. The success of these battalions depended on the potential for political careers and favors, the strength of reputation mechanisms in small communities, and the potential for loot and spoils. These factors shaped the size, characteristics, and activities of the volunteer battalions.