Fundamental Drivers of Dependence in REIT Returns

We analyse the empirical relationships between firm fundamentals and the dependence structure between individual REIT and stock market returns. In contrast to previous studies, we distinguish between the average systematic risk of REITs and their asymmetric risk in the sense of a disproportionate likelihood of joint negative return clusters between REITs and the stock market. We find that REITs with low systematic risk are typically small, with low short-term momentum, low turnover, high growth opportunities and strong long-term momentum. Holding systematic risk constant, the main driving forces of asymmetric risk are leverage and, to some extent, short-term momentum. Specifically, we find that leverage has an asymmetric effect on REIT return dependence that outweighs the extent to which it increases the average sensitivity of REIT equity to market fluctuations, explaining the strong negative impact of leverage on firm performance especially during crisis periods that has been documented in recent empirical work.     

Quality clusters: Dimensions of email responses by luxury hotels

A growing body of research investigates hospitality Internet use, but usually focuses on websites rather than the most popular Internet application, email. This study uses cluster analysis and the SERVQUAL-P service quality (SQ) model to help address gaps in both academic and applied research of email use in the hospitality industry. The cluster analysis of email responses to a mystery guest survey by luxury hotels identified four hotel clusters. The clusters showed significant differences across all 24 email response variables and support four dimensions of email SQ corresponding to SERVQUAL-P's four dimensions.     

Corporate Social Responsibility in the 21st Century: A View from the World's Most Successful Firms

This investigation is motivated by the lack of scholarship examining the content of what firms are communicating to various stakeholders about their commitment to socially responsible behaviors. To address this query, a qualitative study of the legal, ethical and moral statements available on the websites of Forbes Magazine's top 50 U.S. and top 50 multinational firms of non-U.S. origin were analyzed within the context of stakeholder theory. The results are presented thematically, and the close provides implications for social responsibility among managers of global organizations as well as researchers interested in business ethics.     

Ethics,CSR, and Sustainability Education in the <Emphasis Type="Italic">Financial Times</Emphasis> Top 50 Global Business Schools: Baseline Data and Future Research Directions

This paper investigates how deans and directors at the top 50 global MBA programs (as rated by the Financial Times in their 2006 Global MBA rankings) respond to questions about the inclusion and coverage of the topics of ethics, corporate social responsibility, and sustainability at their respective institutions. This work purposely investigates each of the three topics separately. Our findings reveal that: (1) a majority of the schools require that one or more of these topics be covered in their MBA curriculum and one-third of the schools require coverage of all three topics as part of the MBA curriculum, (2) there is a trend toward the inclusion of sustainability-related courses, (3) there is a higher percentage of student interest in these topics (as measured by the presence of a Net Impact club) in the top 10 schools, and (4) several schools are teaching these topics using experiential learning and immersion techniques. We note a fivefold increase in the number of stand-alone ethics courses since a 1988 investigation on ethics, and we include other findings about institutional support of centers or special programs; as well as a discussion of integration, teaching techniques, and notable practices in relation to all three topics.     

Are historic districts a backdoor for segregation? Yes and no

We study how historic district programs impact residential segregation in Denver. We find that homebuyers are more likely to be White within historic districts, but official historic designation has no effect on this probability. More specifically, we calculate that the predicted probability of having a White homebuyer increases from 77 to over 80 percent when the home is located within a historic district. Similarly, we find that most transactions flow from White sellers to White buyers, regardless of official designation. Thus, while historic districts tend to be more segregated, official designation does not seem to amplify this existing problem.     

The effect of the Mahathir regime on the Malaysian economy

Dr. Mahathir bin Mohamad is often credited with Malaysia's dramatic economic success post-1980. It is well known that the Mahathir regime installed centralized power in the Office of the Prime Minister (PM) and greatly extended state capacity through a far-reaching clientelist system. Prima Facie, the Malaysian experience appears to validate power centralization and state capacity as complementary to economic development. Though these changes did make Malaysia more susceptible to corruption, dramatically exhibited in 2015 with the 1MDB 5 billion dollar scandal, it has been argued that the clientelist political structure installed in Malaysia generally manages corruption at tolerable levels in order to provide the state the capacity needed to implement controls for economic development that began in the 1980s. While Malaysia experienced impressive economic growth during the Mahathir administration, our test using the Synthetic Control Method finds that GDP per capita fell well below what would have been expected under the governing structures in place in the 1970s, before Mahathir took office—a loss of approximately $4000 per capita below its potential. This study provides evidence of powerful negative economic consequences attributable to greater power centralization and enhanced state capacity inaugurated under Mahathir.     

Corporate carbon assurance and the quality of carbon disclosure

Based on an international sample, this study examines the association between corporate carbon assurance and carbon disclosure. We find that companies that adopt carbon assurance tend to have better carbon disclosure quality than their unassured peers. Cross-sectional analyses demonstrate that the positive relationship is stronger in stakeholder-oriented countries. We also document that carbon assurance plays a substitutive role for country-level carbon regulation and social trust. Further analyses suggest that carbon assurance has differential impacts on specific types of carbon disclosure and the quality of carbon disclosure increases with the percentage of reported emissions assured and the level of carbon assurance.