Property taxes and property values: evidence from Proposition

We examine the effect of Proposition  on revenues and housing prices in Massachusetts. Communities that were initially constrained by the law saw large increases in state aid and the use of fees. We use these initial constraints as instruments for changes in other components of revenue while treating the change in the property tax as exogenously determined by Proposition  . Our results strongly suggest that communities that were able to increase their property taxes more rapidly saw greater increases in their housing values in the period following passage of the law.     

Social welfare, positivism and business ethics

It appears that there is a conflict of values running through business ethics between profits accruing to shareholders and the cost of entrepreneurial activities on wider stakeholders. In the ethics research literature, the multiplicity of normative ethical stances has resulted in much debate but little in the way of consistent policy proposals. There is, by comparison, an extensive literature in positive economics that attempts to resolve value conflicts similar to those faced by business ethicists. In this paper the adoption of positive welfare statements are advocated and the value judgements implicit in economics are used as the starting point. It is argued that there is merit in expressly stating a set of value judgements to demonstrate the intractable nature of finding a social consensus without a positive social welfare function that explicitly weights the values. This paper reviews the arguments surrounding corporate objectives, particularly with regard to ethical considerations and the profit maximisation orthodoxy. This is discussed within the stakeholder-stockholder narrative. A range of ethical positions in the management strategy literature are analysed and discussed. It is argued that the values underpinning business ethics research can be conceived of via a function of social welfare (including an ethical 'auctioneering' model). The paper concludes by suggesting that all ethical positions can be captured by a Bergson-type welfare function.     

The effects of perceived market and learning orientation on assessed organizational capabilities

This study extends prior research by exploring the effects of managerial representations of market and learning orientation on perceived industrial firm capabilities. Cognitions that managers use to make sense of their environment impact competitive strategy decisions. Extant research has found market and learning orientation concepts to be empirically distinct and to have independent and synergistic effects on organizational performance. The present study generally supports hypotheses relating to independent effects of market and learning orientation viewpoints on perceptions of specific capability domains. Findings hold implications for managing the development of organizational capability portfolios as well as for future research aimed at understanding cognitions related to competitive advantage dynamics.     

Voluntary Disclosure by State-owned Enterprises Listed on the Stock Exchange of Hong Kong

This study examines the impact of international capital market pressures on the voluntary disclosure of three types of information (strategic, financial, and non-financial) in the annual reports of former wholly state-owned People's Republic of China (PRC) enterprises, listed on the Stock Exchange of Hong Kong (SEHK). Consistent with a cost­benefit framework, we find that PRC H-Share firms disclose significantly more strategic and financial information than other SEHK firms. Additional analysis of disclosures in their home listings on the PRC exchanges, however, suggests an alternative explanation. The fact that these firms have been selected for "showcasing" in international capital markets may also play a role in our findings. While H-Share firm disclosures in the PRC also appear sensitive to management's assessment of the associated costs, the magnitude of differences across listing locations suggests that disclosure practices on the SEHK may also reflect the effects of state-encouraged disclosure policies. Our findings contribute to the understanding of disclosure behavior among former wholly state-owned enterprises and to the emerging literature on the efficacy of the privatization process.     

Pot of gold or winner's curse? An event study of the auctions of 3G mobile telephone licences in the UK

Commentators have suggested that the winning companies in the UK 3G mobile telephone auction overpaid for their licences. However, event‐study method using the market model under ordinary least squares (OLS), robust and structural time‐series estimation yields no systematic evidence of the ‘winner's curse’. Positive as well as negative one‐day wealth effects are observed amongst both winners and losers, and there is no lasting adverse market reaction to the winners, taken as a group. We conclude there is no case for easing the regulatory stance in the industry on grounds that the winners paid too much.     

Valuing Mitigation: Real Estate Market Response to Hurricane Loss Reduction Measures

This paper explores valuation of two measures of windstorm mitigation in a Gulf Coast city. Since the home owner is not able to reduce the probability that a hurricane or tropical storm will occur at the structure's location, any voluntary mitigation intended to fortify the home is a form of self-insurance as defined by Ehrlich and Becker (1972). This distinction is important because market insurance and self-insurance are substitutes and thus subject to the standard moral hazard problem. Using a unique Multiple Listing Service data set with detailed information on several hurricane mitigation features, we construct two models to test the influence of mitigation on resale price. The results of the hedonic study indicate that individuals place a positive value on a self-insurance type of mitigation.     

Toward an understanding of the spatiality of urban poverty: the urban poor as spatial actors

The last two decades have witnessed an explosion of empirical research on the role of space in group life at the same time scholars have lamented the under‐theorization of space in sociology. In particular, mainstream poverty researchers have conceptualized space as a neutral backdrop against which action unfolds and viewed poor people's agency as passive and unreflexive. This article attempts to move beyond this space‐as‐container ontology and provide a more coherent view of how theorizing space and spatial issues can help us understand the actions of the urban poor. At the core of the paper is an attempt to theorize agency as a spatial phenomenon — with spatial attributes and spatial influences — and offer empirical insight into how different spatial meanings can enable or constrain particular forms of social action and behavior. My intent is to contribute to an understanding of the urban poor as spatial actors. I argue that the importance of space lies in understanding it as an object of political struggle, a constitutive component of human agency, and a facilitator as well as constraint upon action. Les deux dernières décennies ont connu une explosion des recherches empiriques sur le rôle de l'espace dans la vie de groupe, tandis que les intellectuels déploraient le manque de théorisation de l'espace en sociologie. En particulier dans le courant dominant de la recherche sur la pauvreté, l'espace a été conceptualisé comme un décor neutre devant lequel se déroule l'action, et la capacité d'action des pauvres était considérée comme passive et irréfléchie. Cet article tente de dépasser cette ontologie de l'espace‐contenant et de fournir une vision plus cohérente de la façon dont on peut théoriser l'espace et dont les aspects spatiaux peuvent aider à comprendre les actions des populations urbaines pauvres. L'essence de ce travail vise à théoriser l'agence en tant que phénomène spatial — avec des influences et attributs spatiaux — et à proposer un aperçu empirique de la manière dont différentes significations spatiales peuvent susciter ou limiter des formes spécifiques d'action et de comportement sociaux. Le propos est de contribuer à une reconnaissance des pauvres des villes en tant qu'acteurs spatiaux. Donner son importance à l'espace, c'est le concevoir comme thème de lutte politique, élément constitutif de l'agence humaine, ainsi qu'aide et entrave à toute action.     

Rapport-Building Behaviors Used by Retail Employees

The rapport between employees and customers represents a particularly salient issue in retail businesses characterized by significant interpersonal interactions. Although rapport relates significantly to customer satisfaction, loyalty, and word-of-mouth communication, the behaviors employees use to develop rapport receive minimal attention in marketing and management literature. Using research on rapport-building behaviors identified in other literature as a basis for investigation, this study investigates the extent to which such behaviors are relevant in commercial settings. With the critical incident technique, the authors identify rapport-building behaviors commonly used by retail employees in 388 service encounters. Analysis of 824 rapport-building behaviors described in these encounters confirms three categories suggested by previous research - uncommonly attentive, common grounding, and courteous behavior - and identifies two additional categories that have not been linked to rapport in retail settings, namely, connecting and information sharing behavior. The authors conclude with a discussion of managerial and research implications.