Returns and Information Transmission Dynamics in Public and Private Real Estate Markets

This paper examines U.S. public and private commercial real estate returns at the aggregate level and by the four major property types over the 1994–2012 time period. Returns are carefully adjusted for differences between public and private markets in financial leverage, property type focus and management fees. Unconditionally, we find that passive portfolios of unlevered core real estate investment trusts (REITs) outperformed their private market benchmark by 49 basis points (annualized) over the 1994–2012 sample period. Our baseline vector autoregression results suggest that REIT returns do not embed additional commercial real‐estate‐specific information useful in predicting private market returns. These results strongly suggest that equity REIT returns react to fundamental (latent) asset pricing information more quickly than private market returns given their greater liquidity and price revelation. REITs therefore serve as a fundamental information transmission channel to private market returns when asset pricing variables are omitted.     

Economic Growth and The Expanding Export Sector: China 1952–1985

In this paper Granger's test is employed to examine the causal relationship between the size of the export sector and national income per capita (as well as their respective growth rates) for China for the period 1952–1985. Our empirical results favour a bi-directional causal sequence between these two variables. However, these findings disappear when a similar test is used for the sub-period 1952–1978. The difference in results between these two sample periods points to a change in causal relation after 1978 which coincides with the adoption of an “outward looking” strategy by the Chinese government in that same year. [124]     

严格电气 光明大逃亡 标志和LED显示屏提升了一家宾夕法尼亚影院的档次

大逃亡剧院和Paradigm设计公司的旨在为哈里斯堡商场建立国家级最先进的影院。其精心设计的独特性表现在长为80英尺,凹凸不平且色彩不断变化的灯光墙和机翼形状的入口处墙壁。此设计内容还包括商场入口处,剧场大厅和剧场走廊的标识。Taffet Co.& Assoc.的总裁,布鲁斯.塔菲特,同样也是著名的影院建筑顾问,和大逃亡剧院的副总裁瑞克.惠塔克对项目进行了评估并联系了我们。Custom Finishers生产定制的标识,和装饰照明。我们还提供设计,工程和项目管理服务,我们的技能和经验使我们能应付各种情况。一旦选定我们,我们会提供项目蓝图。     

The Role of Ethnicity and Language in Contingent Valuation Analysis

A bstract .   In order to satisfy legal requirements, many federal agencies must assess the potential effects of their policies on the public. This is often done through surveys, but frequently those surveys are only administered in English. This paper tests whether there are differences in survey response rates, refusals to pay, and willingness to pay (WTP) across different ethnicities and language for forest fire reduction in the State of California. The ethnicities studied were Caucasian, African American, and Hispanic (half in Spanish, half in English).
There was a statistical difference in survey response rates across all ethnicities, and no statistical difference among ethnicities for reasons of refusing to pay. The influence of ethnicity and language was tested using a logit model with ethnicity intercepts and bid slope interaction terms. The Hispanic-Spanish intercept shifter and the Hispanic-English dollar bid amount interaction terms were statistically significant and positive. There was a significant difference in the logit willingness to pay coefficients between Hispanics surveyed in Spanish with each of the other ethnicities. The annual willingness to pay of Hispanics taking the survey in Spanish was twice that of Caucasians, but no statistical difference in mean and median WTP between these two groups was found, due to large confidence intervals around each estimate. Nonetheless, the WTP of both Hispanics and Caucasians for the forest thinning program is substantial, and statistically different from zero, suggesting there may be broad support for this program in California.     

Dedicated REIT Mutual Fund Flows and REIT Performance

This study examines the effects of weekly and monthly capital flows into the dedicated REIT mutual fund sector on aggregate REIT returns and, simultaneously, the effects of industry-level REIT returns on subsequent REIT mutual fund flows. The dynamic relation between REIT capital flows and returns is estimated using vector autoregression (VAR) techniques. Unlike static regression techniques, our dynamic model produces estimates of the short-run relationships, long-run relationships, impulse response functions, and forecast variance decompositions. We find evidence that REIT mutual fund flows are positively and significantly related to prior returns, while prior REIT mutual fund flows do not significantly influence REIT returns. However, contemporaneous flows do appear to have an initial positive effect, which is partially reversed one period later. The positive contemporaneous effect, however, is the result of unexpected REIT mutual fund flows, while the expected portion is insignificant.     

CHANGE IS THE KEY

As long as you can find a barrier to invest against, you can make money when the barrier breaks, when change accelerates.     

Board Share‐Ownership and Takeover Performance

Abstract:   We investigate the relation between takeover performance and board share‐ownership in the acquiring company for a sample of 363 UK takeovers completed in the period 1985–96. In investigating this relationship we pay particular attention to the composition of board shareholdings as well as their size. Thus, in addition to the analysis of total board holdings, we analyse the separate impact of CEO shareholdings and of the pattern of non‐executive and executive holdings within the board. In addition to our detailed examination of board holdings we assess the impact of non‐board holdings. Our analysis controls for a number of non‐shareholding constraints on discretionary director behaviour and for a variety of other influences on takeover outcomes including: the means of payment; acquirer size and market to book value; the relative size of the acquirer and the target; the nature of the bid in terms of hostility and industrial direction; and the pre‐takeover performance of the acquiring company. We assess performance in terms of announcement returns, long run share returns and a portfolio of accounting measures. We find evidence that overall board ownership has a strong positive impact on long run share returns and a weak positive impact on operating performance. However, much stronger effects are found when the overall board measure is split into CEO, executive, and non‐executive directors. We find strong evidence of a positive relation between takeover performance and CEO ownership, which holds for both long run returns and operating performance measures. This finding is robust to controlling for other factors that determine takeover performance and holds in a two stage least squares framework that controls for endogeneity effects. Shareholdings of other executive directors, non‐executive directors, and non‐board holdings are found to have no significant effect on takeover performance.     

Knobe,Side Effects,and the Morally Good Business

The International Federation of Accountants (IFAC) has recently issued a revised “Code of Ethics for Professional Accountants” (IFAC Code). As a requirement for membership in IFAC, a national accounting organization must either adopt the IFAC Code or adopt a code of conduct that is not “less stringent” than the IFAC Code. In this paper, we examine the extent to which 158 national accounting organizations have adopted the revised IFAC Code as their own. Our results indicate that 80 of our sample organizations have adopted the IFAC Code (sometimes with minor modifications), while the remaining 78 opted not to utilize the model IFAC Code. We then test the hypothesis that national accounting organizations in lower income economies would be less likely to adopt the IFAC Code than those in high income economies. Our results do not support the hypothesis. We argue that one potential reason for such a finding is that adopting the IFAC Code may be a cost effective means of adopting a code of ethics for organizations in lower income economies.     

Demarcating designations: Chartered Financial Analyst and Certified Financial Planner

Financial planning service professionals seek certifications in order to gain the necessary skills for their profession, to establish professional credibility, and to validate their knowledge base. This research provides insight and guidance for financial service professionals considering attainment of a professional designation as well as those who already hold such a designation by examining the differences and similarities between two financial analysis/planning designations: the Chartered Financial Analyst (having earned the CFA designation) and the Certified Financial Planner (having earned the CFP certification); 272 professionals who hold both designations were surveyed. The research showed that although some overlap exists, the skills, expertise and target market of these two designations remain quite distinct in terms of what they emphasise and whom they target.     

Reflections on the Task Force Model in Economic Development

The task force has re-emerged as a mechanism for co-ordinating economic development activity in the context of the current New Labour administration's emphasis upon including 'stakeholders' in 'joined-up' approaches to 'cross-cutting' issues. Recent experience in the North East region of England reveals both prospects and problems in the way task forces have been utilised at employer, sectoral and territorial levels to organize economic development. Improvements are suggested to the task force model that involve integrating it more closely within a strategic and proactive regional economic development framework and ensuring its accountability within the multi-level governance structures for economic development emerging in the UK.