Research Applications of the Multifamily Housing Institute's Apartment Database

Data on the financial performance of multifamily rental housing has not been available nearly as long as such information for single-family housing. It is believed that this lack of information has increased the cost of debt and equity capital to apartment housing and thus has increased the rents paid by apartment residents. Data on apartments, which is now becoming available through an industry-sponsored initiative, has the potential of narrowing this information gap. This article has several objectives: to describe this new database, AptData^TM, to housing researchers to assess the strengths and weaknesses of AptData^TM for housing market and policy research, to compare estimates from AptData^TM with those from other sources, and to offer several potential research applications of this new data resource.     

INSTITUTIONS AND (SHORT-RUN) MACROECONOMIC PERFORMANCE

Abstract. This paper reviews the growing interest in institutions. It argues that the explanation for this interest is a fresh awareness of how institutions affect economic performance. This connection arises because many economic interaction take the form of one or other of three 'classic' games (prisoners' dilemma, coordination and chicken) and the outcome in these games (and hence performance of the economy) is influenced by the institutional context of these interactions. The paper provides a detailed illustration of this argument with a survey of the literature which relates unemployment performances to the institutions of wage setting in OECD countries.     

Inside the Crystal Ball of Finance: Understanding Financial Economists' Attitudes to Market and Society

Market economists are thought to wield tremendous power—not only over financial markets but over governments that stray from the ‘market way’. Still, there is mystery about what economists think, and how they form their judgements. This article reports results from a survey of over 50 financial market economists from leading financial institutions in Australia conducted in December 2003 and January 2004. It provides insight into the opinions of economists who impact on markets and policy, especially through media commentary. The article identifies their economic and social views, comparing them with the Australian public. We then examine how professional views of economists differ from their personal views. Differences in professional and private views—especially over the role of government and labour markets—are an opportunity to ponder how judgements are formed and used. We offer tentative answers to the question: do these professionals—highly paid for their opinions—occasionally self‐censor?     

Top pay transparency in Europe: codes,convergence and clichés

Following the waves of corporate scandals and the increasing attention to corporate governance, the transparency of reporting on director-level pay has increased across Europe. This article examines the extent of convergence in laws, codes and corporate reporting practices in regard to director-level pay in France, Germany, Switzerland and the UK. The paper analyses annual reports and the websites of 23 companies, using institutional theory to discuss the coercive, normative and mimetic pressures for convergence that are revealed, not just in the laws and codes in each country, but also in the standardized wording in the relevant sections of reports which have become clichés.     

Downsizing and the changing role of HR

This paper examines the changing role of HR in the specific context of downsizing. It highlights the key dilemmas facing HR professionals - on the one hand, the contribution of HRM to the achievement of business results has come under increasing scrutiny and, on the other hand, most of the challenges of downsizing are people-related issues that require sophisticated HR interventions. The paper reports the key findings of a pilot study conducted in sixty organizations in the UK that downsized in the last three years. The key conclusion of the study is that the role of HR has become wide ranging, covering the strategic as well as implementation aspects. The clear message from the study suggests that, unless there is alignment between the two aspects, the envisaged benefits of downsizing are unlikely take place. Key challenges facing HR professionals are managing middle managers, managing careers and managing employee expectations. There are indications to suggest that the process role of HR is likely to become more important in the medium and longer terms.