On the Hybrid Nature of REITs

The consensus that emerges from the current research on the linkage between securitized and direct investment in real estate is that direct (private) real estate returns play a relatively minor role in the real estate investment trust (REIT) return generating process. However, this result may at least partially be due to the coarseness of the measures of direct real estate returns or the relatively short return horizons used in previous studies. This study takes a different and unique perspective. Unlike earlier studies we do not use aggregated, average appraisal based returns on direct real estate investment. Instead, we use the MIT TBI indexes, which are transaction based price indexes, available both on the aggregate and sub-index levels. We find that the relation between REIT and direct real estate returns appears to be stronger at longer horizons. More specifically, using a cointegration framework, we find robust evidence that REITs and the underlying real estate are related and that they share a long run equilibrium. Interestingly, we find that both REITs and direct real estate returns adjust towards this long run relationship. When we examine property type level data we find similar results.     

打造10亿美元的企业

这些目标看匕去简洁明了,但CEO需要采取的措施可能会与在过去5到10年助其成功地从无到有打造市值3亿美元的企业的某些因素背道而驰。     

Multidimensional Screening in Insurance Markets with Adverse Selection

Bundled coverage of different losses and distinct perils, along with differential deductibles and policy limits, are common features of insurance contracts. We show that, through these practices, insurers can implement multidimensional screening of insurance applicants who possess hidden knowledge of their risks, and thereby reduce the externality cost of adverse selection. Competitive forces drive insurers to exploit multidimensional screening, enhancing the efficiency of insurance contracting. Moreover, multidimensional screening allows competitive insurance markets to attain pure strategy Nash equilibria over a wider range of applicant pools, resolving completely the Rothschild–Stiglitz nonexistence puzzle in markets where the perils space is sufficiently divisible.     

Small Business–Nonprofit Collaboration: Locally Owned Businesses Want to Take Their Relationships With Community-Based NPOs to the Next Level

This two-part, mixed-methods study explored how and why small businesses engage in both philanthropic and transactional partnerships with community-based nonprofits (NPOs), and what business owners expect from their nonprofit partners. Findings from focus groups and a survey indicate that U.S. small businesses (a) are interested in a higher representation on nonprofit boards; (b) are more likely to support NPOs that focus on the local community’s needs; and (c) seek long-term, committed partnerships with NPOs to jointly address communal issues rather than one-time contributions or sponsorships. The study adds to the literature on nonprofit–business collaboration by applying the concepts of integrative (Austin, 2000) and communal (Cho & Kelly, 2014) relationships in the context of locally owned businesses and community-based NPOs rather than more commonly studied large corporations and national/international nonprofits. These findings also offer practical recommendations for the leadership of community nonprofits interested in enhancing their relationships with small businesses.     

Consumers' Attitudes toward Products and Associated Marketing Unethicality as Predictors of Buying and Using Preferences: The Case of Russia

This study examines (1) the differences in Russian consumers' attitudes toward European and domestic household goods and associated unethicality of firms' marketing practices, as well as the differences in consumers' buying and using preferences and (2) the effect of consumers' attitudes toward the products and associated marketing efforts on their buying and using preferences. The findings indicate that country of origin has a substantial effect on the attitudes of Russian consumers toward all product/marketing cues examined, whereas consumers' attitudes toward products and associated marketing unethicality are important determinants of their buying/using preferences. Implications and future research directions are discussed.     

Strategic Corporate Social Responsibility and Orphan Drug Development: Insights from the US and the EU Biopharmaceutical Industry

In recent years, the biopharmaceutical industry has seen an increase in the development of so-called orphan drugs for the treatment of rare and neglected diseases. This increase has been spurred on by legislation in the United States, Europe, and elsewhere designed to promote orphan drug development. In this article, we examine the drivers of corporate social responsibility (CSR) activities in orphan drug markets and the extent to which biopharmaceutical firms engage in these activities with a strategic orientation. The unique context of orphan drugs constitutes a research opportunity to test the applicability of existing theoretical perspectives on CSR and strategic CSR. Using Schwartz and Carroll’s (Bus Ethics Q, 13(4):503–530, 2003) three-domain approach to CSR and the literature on strategic CSR as a theoretical background, we employ a combination of semi-structured interviews and a quantitative website content analysis to study practices of biopharmaceutical firms in the United States and European Union. Our findings show that both US- and EU-based companies engaged in orphan drugs development perceive their involvement as a responsible business activity beyond the economic dimension of CSR. However, for the majority of these companies their CSR activities do not qualify as strategic according to the criteria established in the literature. We also find significant differences between larger and smaller firms in their use of CSR. Based on these findings, we make several suggestions regarding orphan drug legislation and other measures that might help firms exploit strategic CSR benefits.     

Child maturation, time-invariant, and time-varying inputs: their interaction in the production of child human capital

We model the relationship over time between multiple good and bad inputs to the child development production process and the multiple good and bad outcomes which are generated. Doing this avoids several well-known empirical problems associated with construction and use of aggregated inputs and outputs, the assumption of separability among inputs and outputs, and the estimation of reduced forms. Using time-demeaned data for a balanced panel of families from the National Longitudinal Survey of Youth?CChild Sample for 1994?C2000, we estimate an output-oriented directional distance function that simultaneously relates good and bad inputs from home, school, and environment, to good and bad outcomes, measured as children??s math and reading test scores as well as parent-reported behavior problems. We are able for the first time to compute partial effects among endogenous outputs. Recovering consistent estimates of time-invariant coefficients using a second-stage estimator, we find that some time-invariant variables are significant. We also measure productivity growth, technical change, efficiency change, and technical efficiency. Children??s productivity growth is highest at age 5?years and diminishes thereafter. Finally, we investigate the effect on these estimates of the choice of alternative direction vectors for the good and bad outputs.     

Mutation of HRM practices in Russia: an application of CRANET methodology

This article describes the challenges facing established practices and patterns of human resource management (HRM) during the economic recession. It is based on the results of the CRANET survey, administered in Russia in the third quarter of 2008, on the 2008 CRANET data available for Bulgaria and on survey of companies' executives, implemented in the first half of 2010. We found that Russian HRM practices that are based on low formalization of performance assessment, great versatility of payment arrangements, and high flexibility of working and contractual arrangements enabled companies to adapt to the recession conditions without massive layoffs.     

Do ethnicity and occupational status interact to influence anxiety? An investigation of anxiety among Hispanic emergency responders

Although anxiety is a universal emotion, some of the most severe job-related levels of anxiety are among emergency responder occupations, jeopardizing their well being and positive job performance. The literature suggests that certain ethnic groups report higher levels of anxiety than other ethnic groups. Using Lazarus and Folkman's transactional model of stress, this study examines whether ethnicity predicts differing anxiety levels across occupations. We sampled emergency and non-emergency responders in the state of Texas in the USA. The strongest positive relationship between occupational status and anxiety was observed for Hispanics compared with non-Hispanics. However, the findings reveal no significant effect between Hispanic ethnicity and anxiety. Our findings show that ethnicity may explain the differences in experienced anxiety across occupations. Implications for theory and practice are discussed.     

Can Russia be Competitive in Agriculture?

Can Russia be competitive in Agriculture? Russian agriculture currently is not internationally cost competitive. Since the mid‐1990s Russia has imported large volumes of meat, while the grain trade has fluctuated in most years between small net imports and exports. Russia has, however, exported large quantities of key agricultural inputs, including 80 per cent of fertilizer output, mainly to EU countries. Research indicates that Russia has a comparative advantage in producing grain compared to meat, but also a comparative advantage in producing agricultural inputs compared to agricultural outputs. The expected real appreciation of the Russian rouble vis‐à‐vis Western currencies should further damage Russia's cost competitiveness in meat and grain, but this should be offset by modest productivity growth. An expected rise in consumer income, deriving from relatively high annual GDP growth of about 4–5 per cent, should also stimulate demand for meat imports. In spring 2003, Russia imposed tariff rate quotas on its imports of beef and pork, and a pure quota on imports of poultry. For other agricultural commodities, Russia is pushing in its WTO accession negotiations for allowable agricultural import tariffs that are higher than current levels. Taking these changes together, it is likely that Russia will continue as a big meat importer for about the next ten years–with tariff rate quotas probably determining the level of meat imports–and will become a moderate grain exporter. L'agriculture russe pourrait‐elle être compétitive ? Actuellement, l'agriculture russe n'est pas compétitive. La Russie a importé de gros volumes de viande depuis le milieu des années 90, tandis que la balance des échanges de céréales oscillait entre les faibles excédents et les faibles déficits. Cependant, la Russie est grande exportatrice d'agro‐fournitures dont, en particulier, 80% de sa production d'engrais, principalement vers l'Europe. On montre ici que l'avantage comparatif de la Russie se situe dans les céréales plutôt que dans la viande et, surtout, dans les agro‐fournitures plutôt que dans les denrées agricoles. La remontée, à laquelle il faut s'attendre, du rouble vis à vis des devises occidentales, devrait encore diminuer la compétitivité de la Russie en matière de viandes et de céréales, ce qui devrait être compensé par des gains de productivité même faibles. La hausse attendue des revenus des consommateurs, engenderée par une croissance élevée du revenu national, de l'ordre de 4 à 5% par an, devrait aussi stimuler la demande de viande importée. Au printemps 2003, la Russie s'est dotée d'un système de droits sur ses importations hors quotas de viande de bæuf et de pore, ainsi que d'un quota d'importation pour les produits avicoles. En ce qui conceme les autres produits agricoles, dans le cadre des négociations relatives à son entrée dans l'OMC, la Russie s'efforce d'obtenir l'autorisation d'augmenter les taxes à l'importation par rapport à leur niveau actuel. Au total done, à un horizon de l'ordre de dix ans, il est probable que la Russie reste un gros importateur de viandes ‐ le niveau des taxes sur le hors quotas déterminant les niveaux d'importation ‐, et un modeste exportateur de céréales. Kann Russland auf dem Agrarsektor wettbewerbsfähig sein? Die russische Landwirtschaft ist hinsichtlich der Kosten momentan nicht international wettbewerbsfähig. Seit Mitte der 1990er importiert Russland große Mengen an Fleisch, während der Getreidehandel in den meisten Jahren zwischen geringen Nettoimporten und ‐exporten schwankte. Russland hat jedoch große Mengen an wichtigen landwirtschaftlichen Vorieistungen, unter anderem 80% seiner Düngerproduktion, hauptsächlich in EU‐Länder exportiert. Forschungsergebnisse weisen darauf hin, dass Russland in der Produktion von Getreide verglichen mit Fleisch einen komparativen Vorteil besitzt; dies trifft jedoch ebenfalls auf die Produktion von landwirtschaftlichen Vorieistungen verglichen mit landwirtschaftlichen Endprodukten zu. Es ist anzunehmen, dass die erwartete reale Aufwertung des russischen Rubel gegenüber den westlichen Währungen eine zusätzliche Verschlechterung der russischen Wettbewerbsfähigkeit hinsichtlich der Kosten im Bereich Fleisch und Getreide nach sich zieht; dies sollte sich jedoch durch ein moderates Produktivitätswachstum ausgleichen. Der erwartete Anstieg der Verbrauchereinkommen, der sich aus dem relativ hohen jährlichen Bruttoin‐landsproduktzuwachs von ca. 4–5 Prozent ableitet, sollte sich ebenfalls stimulierend auf die Nachfrage nach Fleischimporten auswirken. Im Frühjahr 2003 führte Russland Zolltarifkontingente für seine Schweine‐ und Rindfleischimporte ein und belegte seine Geflügelfleischimporte mit einem Importkontingent. Im Hinblick auf weitere Agrarerzeugnisse drängt Russland in den WTO‐Beitrittsverhandlungen darauf, höhere Einfuhrzölle als die gegenwärtig geltenden zuzulassen. In Anbetracht all dieser Veränderungen ist es wahrscheinlich, dass Russland auch für die kommenden zehn Jahre große Mengen an Fleisch importieren–wobei möglicherweise Zolltarifkontingente die Menge bestimmen werden–und sich zu einem mäßigen Getreideexporteur entwickeln wird.