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1.
Recent methodological developments provide a way to incorporate the temporal dimension when accounting for spatial effects in hedonic pricing. Weight matrices should decompose the spatial effects into two distinct components: bidirectional contemporaneous spatial connections; and unidirectional spatio-temporal effects from past transactions. Our iterative estimation approach explicitly analyses the role of time in price determination. The results show that both spatio-temporal components should be included in model specification; past transaction information stops contributing to price determination after eight months; and limited temporal friction is exhibited within this period. These findings highlight the decidedly non-linear temporal patterns of such information effects. 相似文献
2.
Thanos Verousis Owain ap Gwilym Nikolaos Voukelatos 《European Journal of Finance》2016,22(12):1204-1223
This paper examines commonality in liquidity for individual equity options trading in European markets. We use high-frequency data to construct a novel index of liquidity commonality. The approach is able to explain a substantial proportion of the liquidity variation across individual options. The explanatory power of the common liquidity factor is more pronounced during periods of higher market-wide implied volatility. The common factor's impact on individual options' liquidity depends on options' idiosyncratic characteristics. There is some evidence of systematic liquidity spillover effects across these European exchanges. 相似文献
3.
This paper is the first attempt to estimate the determinants of holiday-taking across several countries. To accomplish this a two-stage estimation procedure is employed which enables incongruous income categories to be transformed into a single income variable. It is found that in the mid-1980s there was a substantial similarity in the holiday taking behaviour of Europeans. The large national differences in holiday participation are explained by differences in income and demographic factors. A remarkable regularity in the responsiveness of the probability of holiday taking to marginal changes in income is found. 相似文献
4.
Sotirios Thanos Mark Wardman Abigail L. Bristow 《Environmental and Resource Economics》2011,50(4):559-583
The relocation of Athens Airport provided a rare experimental context in which residents experienced significant changes in
noise levels due to the introduction or removal of aircraft noise. This paper reports the results from surveys around both
airport locations, using stated choice experiments to estimate values for aircraft noise. The respondents were offered actual
inter-temporal noise change scenarios rather than hypothetical variations, which is uncommon in the literature, incorporating
the presence or absence of an airport and other relevant transport attributes that also changed with the airport relocation.
Whilst there is some variation in the valuation of the airport closure and opening, when these values are adjusted to reflect
the actual change in decibels, there is remarkably little difference between the old and new airports. However, a significant
variation in aircraft noise values is identified between different areas, with respect to education and to a lesser extent
income. Our preferred estimate of the monthly household willingness to pay for terminating aircraft noise exposure is 13.12€
and for avoiding the onset of aircraft noise is 9.53€. 相似文献
5.
Thanos Papadopoulos Udechukwu Ojiako Maxwell Chipulu Kwangwook Lee 《Project Management Journal》2012,43(1):65-76
Customer relationship management (CRM) remains an area of considerable interest in contemporary project management literature, due to its association with high failure rates. This research examined the criticality of four risk factors. Quantitative data analyzed using PASW17 were collected from a sample of 250 CRM project practitioners. Although we found strong evidence to support the focus on these risk factors, which include “user training,” “top management support,” “business strategy and technology alignment,” and “effective project feedback,” the authors found that, although some risk factors may be identified as “critical,” their criticality is dependent on the context of the project. 相似文献
6.
Ilias Kapoutsis Alexandros Papalexandris Ioannis C. Thanos Andreas G. Nikolopoulos 《International Journal of Human Resource Management》2013,24(9):1908-1929
Drawing from the norm of reciprocity, signal theory, and psychological contracts, we argue that the use of different types of political tactics, based on their social desirability, can be reciprocal behavioral reactions to contextual cues (i.e. perceptions of organizational support and politics) that can predict career success. Using a sample of 117 middle managers, our findings suggest that the use of sanctioned political tactics partially mediates the relationship between perceptions of organizational support and career success, while non-sanctioned political tactics suppress the relationship between perceptions of organizational politics and career success. 相似文献
7.
We exploit an extensive high-frequency data set of all individual equity options trading at New York Stock Exchange London International Financial Futures and Options Exchange (Amsterdam, London and Paris) in order to study the determination of liquidity during the trading day. In particular, we focus on two main aspects of option liquidity: (i) the intraday behaviour of equity option liquidity and its determinants and (ii) the influence of macroeconomic events and commonality on intraday equity option liquidity. Inventory management models cannot explain the intraday variation in option spreads and depths. Instead, we show that the option liquidity measures are strongly correlated with option volatility. Increases in volatility are associated with decreases in liquidity, a finding that is in line with information asymmetry models and the derivatives hedging theory. However, the relationship between spreads and volume varies across the three markets. Option liquidity reacts strongly to macroeconomic news announcements, especially US events. The average systematic liquidity component is 12% for Amsterdam, 14% for London and 16% for Paris. 相似文献
8.
Due to a combination of government planning policies and market pressures in England in the period 2000–2008, there was an increase in the construction of flats and high-density developments and a decline in the construction of houses. In this paper, an analysis of the effects of these policy constraints is undertaken. Using hedonic pricing models, we test for a non-linear relationship between house prices and residential density in England. Consumers prefer houses over flats and detached properties over semi-detached and terraced (i.e. lower density suburban areas). However, both low-density, detached-dominant areas and high-density, flat-dominant areas attracted a premium over medium density areas and the relative size of these price differences vary between different housing market areas. In cities outside London, we consistently see a convex relationship between price and density, whereas a concave relationship between price and density is consistently observed in London. This suggests a different form of relationship between density and house prices in large urban conurbation areas, compared to more typical provincial cities. The conclusions we draw are that in the correct context, high density may be viewed positively but a single planning policy is not appropriate and it should be tailored to suit local market needs. 相似文献
9.
Ilias Kapoutsis Alexandros Papalexandris Ioannis C. Thanos 《International Journal of Human Resource Management》2019,30(4):618-647
AbstractAmbidexterity at the manager level focuses on the crucial, but underexplored, role of managers’ knowledge, skills, and behaviors to address competing demands and promote organizational ambidexterity. As such, to successfully complete their assigned duties, managers need to employ the appropriate interpersonal style and calibrate their behavior to different contextual demands. This study highlights the role of the individual in the ambidexterity process by introducing the concept of influence tactic ambidexterity, to denote the frequent use of both hard and soft influence and investigating its role on task performance. Drawing on the literature on ambidexterity and HRM, we analyze data from a sample of 172 middle managers and their corresponding 68 supervisors working for multinational organizations, and provide evidence that influence tactic ambidexterity relates to higher levels and less variation in managers’ task performance compared to the sole use of either hard or soft tactics. Our findings also show that political skill positively moderates the relationship between influence tactic ambidexterity and a manager’s task performance. Therefore, this study suggests that influence tactic ambidexterity and political skill can be considered valuable HR assets for managers. 相似文献
10.