Rent Premiums and Vertical Sorting in Amsterdam’s Multi-Tenant Office Buildings

The Journal of Real Estate Finance and Economics - This paper investigates the impact of vertical location and tenant sorting on commercial office rents within the tall office towers of Amsterdam....     

Competition policy and market leaders

We study the potential loss in social welfare and changes in incentives to invest in R&D that result when the market leading firm is deprived of its position. We show that under plausible assumptions like free entry or repeated market interactions there is a social value of market leadership and its mechanical removal by means of competition policy is likely to be harmful for society.     

Determinants of contractual restraints in franchise contracting

Although an efficient design of franchise contracts requires from the franchisor to choose a bundle of contractual restraints as safeguarding and control mechanism, previous research has not explored the antecedents of contractual restraints as a bundle of contractual clauses. To address this gap, the aim of this study is to explain the determinants of the most important contractual restraints (i.e., exclusive dealing, exclusive territory, tying, resale price maintenance, call option, leasing, alienation, and noncompetition clauses), using transaction cost and relational governance reasoning. The regression results based on primary data from German and Swiss franchise systems provide support of hypotheses.     

Impact of quality-led design on real estate value: a spatiotemporal analysis of city centre apartments

This paper estimates the impact of quality design attributes on real estate value through empirical investigation of the owner-occupied multifamily residential sector. The methodological design is based on spatiotemporal modelling using a unique data-set of 424 Belfast City Centre apartments sold during the period 2000–2008. The key findings indicate that urban scale aspects of quality such as connectivity and vitality associated with building density add to real estate value. At the building level, quality features highly valued by home buyers are namely appropriateness of material quality, fenestration and massing to the surroundings. These key criteria are considered to have a significant visual perception compared to more complex concepts such as identity, material choice and overall condition. The contribution to knowledge involves extending the hedonic model to incorporate a wider selection of design quality variables; and improving estimation through the use of spatiotemporal modelling.     

An Institutional Configurational Approach to Cross‐National Diversity in Corporate Governance

Corporate governance (CG) research has typically been studied from rather disparate disciplinary approaches, thereby offering myopic and often conflicting rationales. We develop an institutional configurational approach to integrate this ‘siloed’ field and explain CG patterns around the world. To do so, we draw on an inductive, theory‐building methodology based on fuzzy‐set logic to uncover the configurations across institutional actor‐centred domains and their impact on CG patterns. Empirically, we explore the necessary and sufficient causal conditions leading to different features of codes of good governance across 32 OECD countries. We generate propositions linking configurational institutional domains to code features. Our results show that a single institutional domain by itself is not sufficient to explain CG outcomes, and that these domains need to be considered in conjunction, leading, in turn, to the identification of four distinct configurational governance prototypes. Our study offers a comprehensive account of drivers of cross‐national differences in CG and yields useful insights for managing and regulating governance.