Although much has been written globally about the key issues of corporate governance in REITs, there are not enough studies inspired by the systematic literature review method. This study reviews the literature on corporate governance in real estate investment trusts (REITs) published after 2004 and addresses three interrelated research questions. We examined 77 peer-reviewed journal articles using a systematic literature review approach. We found that there has been a rise in studies since 2010, with a brief decrease (...) in 2015 and 2017 before increasing again in 2016. Moreover, the vast majority of the studies were published in the areas of economics/econometrics/finance and business/management/accounting. In addition, most of the papers are single-country studies, and the minority are multi-country. The majority of the papers are focused on the USA and Asia. Similarly, the majority of these analyses concentrate on developed countries and ignore emerging and frontier markets.Keywordscorporate governance, real estate investment trusts, REITs, systematic literature review, SLR. (shrink)

Corporate social responsibility involvement and disclosure has been becoming increasingly popular among US public firms, including those that qualify as real estate investment trusts. This paper aims to discover the relationship between CSR involvement and potential determinants such as growth opportunities, profitability, visibility, and agency costs. Types of CSR involvement are assessed in terms of environmental, community, and governance disclosures and are quantified using word count from the company’s voluntary disclosure. Our results support the hypothesis that CSR (...) has a strategic element and that REITs have greater CSR involvement when they have greater growth and investment opportunities. When the type of disclosure is broken into subcategories, the results show that not all dimensions of CSR are alike: environmental, community, and governance CSR disclosures appear to be motivated by different sets of incentives and reasons. (shrink)

This case study chronicles the entrepreneurial and real estate investment activities of a recent Ph.D. graduate in business administration. The protagonist learns that clear focus is necessary for entrepreneurial success and that trust does not mix with entrepreneurship and negotiation. Ethics are sometimes problematic for entrepreneurs.

China is moving from a centralized to a market economy to bring about efficiency in its economy and to form a business partnership with the West. With its reform adopting an open-door policy, there may be a need to assure its partners in the western world that appropriate steps would be taken to develop and foster a business culture with which the western countries and the Chinese businesses can work. The present study attempted to find whether there has been a (...) change in business ethical culture, accounting system and practice in the Chinese business between 1978 and the present, and the degree of similarity in the Chinese ethics and guidelines compared to Western ethics and guidelines. The result of the study has been analyzed from an institutional perspective to explore institutional change. The result showed that there is general growing support of Chinese management toward change in business ethical culture and practice. It was observed that there was not much similarity in the documents used for ethical guidance and control with those of the West. The findings of the paper are expected to be relevant to international investors and executives interested in investing or working in China. (shrink)

Institutional investors and corporations increasingly recognize that extra-financial determinants of business performance can both create value and uncover significant risks within a business or investment portfolio. For companies that invest in, develop, own, or operate commercial real estate assets, this awareness of extrafinancial impacts has led to a significant interest in what has been called "responsible property investment (RPI)". Within the field of RPI, green real estate — real estate investment and (...) management that seeks to reduce the environmental impacts of building construction and operations — has begun to receive attention. This attention has been extended over the past decade to community property development projects, where both social and environmental considerations related not only to the building, but also the project site and surrounding community are integrated into management and investment decisions. Some examples of these projects include affordable and workforce housing, urban revitalization and brownfield redevelopment. More social-focussed issues such as labour and workplace considerations are also key components of responsible property investing, yet to date labour issues have received little attention in the RPI literature and workplace considerations are reflected indirectly through environmental considerations in the green building literature. This paper explores responsible real estate investment in Canada by taking an integrated approach in examining both environmental and social factors and their potential impact on such investments. A series of semi-structured interviews are conducted with key stakeholders in Canada to gain insight into how using environmental and social factors may influence long-term risk and financial returns in real estate investment in Canada with particular emphasis on institutional investors engaged in these practices. Data is used to analyse the impact that ESG considerations have on financial performance of these assets. Jantzi-Sustainalytics ESG ratings are used along with the stock price changes of fourteen real estate companies and REITs to interrogate this question. (shrink)

This study examines the effects of leader emotional intelligence, leadership styles, organizational commitment, and trust on job performance. A questionnaire was administered to the participants, who were real estate brokers in Kaohsiung City. Of the 980 questionnaires administered, 348 valid responses were received, indicating an effective response rate of 35.5%. Structural equation modeling was used for the analysis. The results show that leader emotional intelligence has a significant and positive effect on trust in supervisors, and transformational (...) leadership and trust within a team have significant and positive effects on job performance. In addition, organizational commitment has a significant and positive effect on job performance. Trust within a team mediates the significant and positive effect of leader emotional intelligence on job performance. Although transactional leadership has no direct, positive, and significant effects on employee job performance, trust in the workplace shaped by a leader’s leadership style will empower a team’s spirit and boost their morale, thereby indirectly affecting their job performance in a positive manner. (shrink)

As an object in which property rights can be invested, land is a peculiar hybrid structure that comprehends both spatial and non-spatial aspects. Even in its purely spatial aspect land is treated differently from culture to culture, thus for example in the degree to which property rights in land are held to relate to vague or precisely delineated parcels and to portions of space above and below the surface of the earth. When we examine the non-spatial aspects of landed property, (...) however, the dimensions of variability across cultures are multiplied tremendously. The goal is to provide a general framework for comparison of different socio-legal ontologies of land. The relevance of this project turns on the fact that without land (or real estate) it is difficult (perhaps impossible) to obtain credit; without credit it is difficult for nations to develop. Thus, if land is treated in a radically different way from one nation to another, this will surely exert an effect upon the development of nations. (shrink)

In this paper, we study the impact of CEO and board gender diversity on the risk management decisions of 179 U.S. Real Estate Investment Trusts (REITs) during the 2001–2018 period. Using a bottom-up analysis on the properties in REIT portfolios, we find significant risk reduction associated with gender-diverse REIT leadership. We document that REITs with a woman CEO, in combination with more women on the board, display less active trading and a longer hold period for assets. In (...) addition, REITs with more gender-diverse leadership are more geographically focused, which for REITs is considered a lower risk investment strategy. Finally, REITs with more gender-diverse leadership are more actively investing in environmentally sustainable real estate. We conclude that gender diversity in real estate firms carries real-life implications for U.S. cities, given their key role as developers, owners, and operators of the built world. (shrink)

In the modern scientific literature, there are many reports about the successful application of neural network technologies for solving complex applied problems, in particular, for modeling the urban real estate market. There are neural network models that can perform mass assessment of real estate objects taking into account their construction and operational characteristics. However, these models are static because they do not take into account the changing economic situation over time. Therefore, they quickly become outdated and (...) need frequent updates. In addition, if they are designed for a specific city, they are not suitable for other cities. On the other hand, there are several dynamic models taking into account the overall state of the economy and designed to predict and study the overall price situation in real estate markets. Such dynamic models are not intended for mass real estate appraisals. The aim of this article is to develop a methodology and create a complex model that has the properties of both static and dynamic models. Moreover, our comprehensive model should be suitable for evaluating real estate in many cities at once. This aim is achieved since our model is based on a neural network trained on examples considering both construction and operational characteristics, as well as geographical and environmental characteristics, along with time-changing macroeconomic parameters that describe the economic state of a specific region, country, and the world. A set of examples for training and testing the neural network were formed on the basis of statistical data of real estate markets in a number of Russian cities for the period from 2006 to 2020. Thus, many examples included the data relating to the periods of the economic calm for Russia, along with the periods of crisis, recovery, and growth of the Russian and global economy. Due to this, the model remains relevant with the changes of the international economic situation and it takes into account the specifics of regions. The model proved to be suitable for solving the following tasks: industrial economic analysis, company strategic and operational management, analytical and consulting support of investment, and construction activities of professional market participants. The model can also be used by government agencies authorized to conduct public cadastral assessment for calculating property taxes. (shrink)

This study investigates the engagement of family firms in corporate social responsibility. We first compare their corporate social performance to non-family firms. Then, following recent evidence on the heterogeneity of family firms, we examine two factors that may influence CSP within family firms: the level of family control and the governance orientation of the country in which they operate. This research is based on a theoretical framework which considers both agency and socioemotional wealth influences on family firms CSR engagements. Overall, (...) we find that family firms exhibit lower CSP than non-family firms. But when focusing on family firms, our analyses show a curvilinear relationship between family control and CSP. At lower levels of control, family owners invest more in social initiatives to protect their SEW. Beyond a threshold level of control that we estimate at 36 % in our sample, economic considerations prevail over SEW and social performance starts decreasing. We also find that family firms operating in stakeholder-oriented countries are more attentive to social concerns than those operating in more shareholder-oriented countries. (shrink)

This article proposes and empirically tests a theoretical framework incorporating Reidenbach and Robin’s (J Bus Ethics 10(4):273–284, 1991 ) conceptual model of corporate moral development. The framework is used to examine the relation between governance and business ethics, as proxied by diversity management (DM), and financial reporting quality, as proxied by the magnitude of earnings management (EM). The level of DM and governance quality are measured in accordance with the ratings of Jantzi Research (JR), a leading provider of social and (...) governance research for institutional investors. This DM score is part of an index developed by JR that investment managers use to integrate DM criteria into their investment decisions. As expected, a negative relation between corporate DM development and financial reporting quality is found while controlling for other factors known in the literatures on governance and accounting choices to affect earnings quality. Despite some caveats presented in conclusion, this study contributes to the ethics, governance, and financial reporting literatures by studying the dynamics between governance and ethics in the prevention of EM. (shrink)

This study explores the direct and interactive effects of individual differences in interpersonal trust and negotiation style on ethical decision-making processes across commonly faced negotiation situations. Individual differences influence basic ideas about legitimate negotiating behaviors, affect behavioral intentions directly, and interact with the favorability of negotiating situations, resulting in direct, indirect, and interactive effects on ethical decision-making processes. Using a sample of 298 participants in executive education workshops, the study analyzes the relationship between interpersonal trust, competitiveness, moral judgment, (...) and behavioral intentions in different negotiating conditions through a series of structural equation models and regression analyses. Our results suggest that individual difference variables exert a significant influence not only on how managers assess the morality of ethically ambiguous negotiation practices but also directly on their behavioral intentions, and that this effect changed across specific negotiation situations. We discuss these results in terms of their usefulness in explaining ethical decision-making processes in negotiations. (shrink)

Trust is a key component in delivering quality and respectful care within health care systems. However, a growing lack of confidence in health care, particularly among specific subgroups of the population in the United States, could further widen health disparities. In this essay, we explore one approach to building trust and reaching diverse communities to promote health: engaging community‐based organizations (CBOs) as trusted community messengers. We present case studies of partnerships in health promotion, community education, and outreach that (...) showcase how CBOs’ programs build and leverage trust in health care systems through their workforce, services, and engagement with the community. (shrink)

This paper explores the potential of data mining as a technique that could be used by malicious data miners to threaten the privacy of social network sites users. It applies a data mining algorithm to a real dataset to provide empirically-based evidence of the ease with which characteristics about the SNS users can be discovered and used in a way that could invade their privacy. One major contribution of this article is the use of the decision forest data mining (...) algorithm to the context of SNS, which does not only build a decision tree but rather a forest allowing the exploration of more logic rules from a dataset. One logic rule that SysFor built in this study, for example, revealed that anyone having a profile picture showing just the face or a picture showing a family is less likely to be lonely. Another contribution of this article is the discussion of the implications of the data mining problem for governments, businesses, developers and the SNS users themselves. (shrink)

Are the wishes of the dead more important than the needs of the living? This question is prompted by consideration of the Hershey Trust Company, a perpetual charitable trust that not only owns and operates the Milton Hershey School in Pennsylvania, but also owns a controlling interest in various Hershey-related for-profit entities. This unusual arrangement, and the conditions under which it was formed, have produced a situation in which a small, private boarding school for low-income students has an (...) endowment of $12 billion (in addition to its other corporate and real estate interests). The trust has been operating according to its founder’s wishes for decades, but some have wondered whether its resources could be put to better use for more urgent needs. This case will invite students to consider the question of how we should weigh the needs of the living against the wishes of the dead. (shrink)

Neuromarketing relies on Brain Computer Interface (BCI) technology to gain insight into how customers react to marketing stimuli. Marketers spend about$750 billion annually on traditional marketing camping. They use traditional marketing research procedures such as Personal Depth Interviews, Surveys, Focused Group Discussions, and so on, which are frequently criticized for failing to extract true consumer preferences. On the other hand, Neuromarketing promises to overcome such constraints. This work proposes a machine learning framework for predicting consumers' purchase intention (PI) and affective (...) attitude (AA) from analyzing EEG signals. In this work, EEG signals are collected from 20 healthy participants while administering three advertising stimuli settings: product, endorsement, and promotion. After preprocessing, features are extracted in three domains (time, frequency, and time-frequency). Then, after selecting features using wrapper-based methods Recursive Feature Elimination, Support Vector Machine is used for categorizing positive and negative (AA and PI). The experimental results show that proposed framework achieves an accuracy of 84 and 87.00% for PI and AA ensuring the simulation of real-life results. In addition, AA and PI signals show N200 and N400 components when people tend to take decision after visualizing static advertisement. Moreover, negative AA signals shows more dispersion than positive AA signals. Furthermore, this work paves the way for implementing such a neuromarketing framework using consumer-grade EEG devices in a real-life setting. Therefore, it is evident that BCI-based neuromarketing technology can help brands and businesses effectively predict future consumer preferences. Hence, EEG-based neuromarketing technologies can assist brands and enterprizes in accurately forecasting future consumer preferences. (shrink)

In this paper, we focus on the human upper limb rehabilitation scheme that utilizes the concept ofteleoperation. Teleoperation can help the therapist demonstrate different rehab exercises to a different group of people at the same time remotely. Different groups of people from a different place connected to the same network can get therapy from the same therapist at the same time using the telerehabilitation scheme. Here, we presented a humanoid robot NAO that can be operated remotely by a therapist to (...) demonstrate the exercise to a patient. To mimic the movement demonstrated by the therapist, Kinect V2 sensor which is a markerless vision-based motion-tracking device, was used. Modified Denavit-Hartenberg (DH) convention was used for the kinematic modeling of the human upper arm. From the Kinect data, a geometric solution was developed to find a unique inverse kinematic solution of human upper-extremity. Experimental results revealed that NAO could be teleoperated successfully to instruct and demonstrate patients to perform different arm movement exercises in real-time. (shrink)

Background: Post-mortem needle biopsies have been used in resource-poor settings to determine cause of death and there is interest in using them in Bangladesh. However, we did not know how families and communities would perceive this procedure or how they would decide whether or not to consent to a post-mortem needle biopsy. The goal of this study was to better understand family and community concerns and decision-making about post-mortem needle biopsies in this low-income, predominantly Muslim country in order to design (...) an informed consent process. Methods: We conducted 16 group discussions with family members of persons who died during an outbreak of Nipah virus illness during 2004-2008 and 11 key informant interviews with their community and religious leaders. Qualitative researchers first described the post-mortem needle biopsy procedure and asked participants whether they would have agreed to this procedure during the outbreak. Researchers probed participants about the circumstances under which the procedure would be acceptable, if any, their concerns about the procedure, and how they would decide whether or not to consent to the procedure. Results: Overall, most participants agreed that post-mortem needle biopsies would be acceptable in some situations, particularly if they benefitted society. This procedure was deemed more acceptable than full autopsy because it would not require major delays in burial or remove organs, and did not require cutting or stitching of the body. It could be performed before the ritual bathing of the body in either the community or hospital setting. However, before consent would be granted for such a procedure, the research team must gain the trust of the family and community which could be difficult. Although consent may only be provided by the guardians of the body, decisions about consent for the procedure would involve extended family and community and religious leaders. Conclusions: The possible acceptability of this procedure during outbreaks represents an important opportunity to better characterize cause of death in Bangladesh which could lead to improved public health interventions to prevent these deaths. Obstacles for research teams will include engaging all major stakeholders in decision-making and quickly building a trusting relationship with the family and community, which will be difficult given the short window of time prior to the ritual bathing of the body. (shrink)

Nowadays, mobile telephony interruptions in our daily life activities are common because of the inappropriate ringing notifications of incoming phone calls in different contexts. Such interruptions may impact on the work attention not only for the mobile phone owners, but also for the surrounding people. Decision tree is the most popular machine-learning classification technique that is used in existing context-aware mobile intelligent interruption management model to overcome such issues. However, a single-decision tree-based context-aware model may cause over-fitting problem and thus (...) decrease the prediction accuracy of the inferred model. Therefore, in this paper, we propose an ensemble machine-learning-based context-aware mobile telephony model for the purpose of intelligent interruption management by taking into account multi-dimensional contexts and name it “E-MIIM”. The experimental results on individuals’ real-life mobile telephony data sets show that our E-MIIM model is more effective and outperforms existing MIIM model for predicting and managing individual’s mobile telephony interruptions based on their relevant contextual information. (shrink)

As the world keeps advancing, the need for automated interconnected devices has started to gain significance; to cater to the condition, a new concept Internet of Things has been introduced that revolves around smart devicesʼ conception. These smart devices using IoT can communicate with each other through a network to attain particular objectives, i.e., automation and intelligent decision making. IoT has enabled the users to divide their household burden with machines as these complex machines look after the environment variables and (...) control their behavior accordingly. As evident, these machines use sensors to collect vital information, which is then the complexity analyzed at a computational node that then smartly controls these devicesʼ operational behaviors. Deep learning-based guessing attack protection algorithms have been enhancing IoT security; however, it still has a critical challenge for the complex industries’ IoT networks. One of the crucial aspects of such systems is the need to have a significant training time for processing a large dataset from the networkʼs previous flow of data. Traditional deep learning approaches include decision trees, logistic regression, and support vector machines. However, it is essential to note that this convenience comes with a price that involves security vulnerabilities as IoT networks are prone to be interfered with by hackers who can access the sensor/communication data and later utilize it for malicious purposes. This paper presents the experimental study of cryptographic algorithms to classify the types of encryption algorithms into the asymmetric and asymmetric encryption algorithm. It presents a deep analysis of AES, DES, 3DES, RSA, and Blowfish based on timing complexity, size, encryption, and decryption performances. It has been assessed in terms of the guessing attack in real-time deep learning complex IoT applications. The assessment has been done using the simulation approach and it has been tested the speed of encryption and decryption of the selected encryption algorithms. For each encryption and decryption, the tests executed the same encryption using the same plaintext for five separate times, and the average time is compared. The key size used for each encryption algorithm is the maximum bytes the cipher can allow. To the comparison, the average time required to compute the algorithm by the three devices is used. For the experimental test, a set of plaintexts is used in the simulation—password-sized text and paragraph-sized text—that achieves target fair results compared to the existing algorithms in real-time deep learning networks for IoT applications. (shrink)

Behavioral Finance is an evolving field that studies how psychological factors affect decision making under uncertainty. This study seeks to find the influence of certain identified behavioral financial biases on the decision-making process of investors in developing countries. This research examines the moderating effect of Information asymmetry on the two most important and commonly used cognitive biases, namely Anchoring bias and Optimism bias and decision making and investigates whether Risk perception mediates the relationship between them or not. Quantitative research has (...) been conducted using a structured questionnaire for data collection. After completing the pilot study, a questionnaire was designed and sent to investors via online channels. Data has been collected from 317 real estate investors. Mediation analysis has been performed using model 4 and moderation analysis by applying model 15 of Process Macros for the interaction effect. The study investigated that both cognitive biases have a significant positive effect on investors’ decisions and Risk perception also significantly mediates the relationship between them. Consistency with other studies suggests that Information asymmetry has a significant moderating effect. The proposed conceptual model provides insight into how investors’ decisions are influenced by behavioral biases in the real estate sector and enhances the understanding of cognitive biases in the real estate sector. This study is recommended for real estate investors and policymakers of emerging and developed countries. The current study is the first of its kind, focusing on cognitive biases on investment decisions with mediating role of Risk perception and the moderating effect of Information asymmetry. (shrink)

Suppose you own a garden-variety object such as a hat or a shirt. Your property right then follows the ageold saw according to which possession is nine-tenths of the law. That is, your possession of a shirt constitutes a strong presumption in favor of your ownership of the shirt. In the case of land, however, this is not the case. Here possession is not only not a strong presumption in favor of ownership; it is not even clear what possession is. (...) Possessing a thing like a hat or a shirt is a rather straightforward affair: the person wearing the hat or shirt possesses the shirt or the hat. But what is possession in the case of land? This essay seeks to provide an answer to this question in the form of an ontology of landed property. (shrink)

The Moroccan philosopher Taha Abderrahmane is one of the leading surviving philosophers of the Arab-Islamic world. His fields of study are issues such as logic, philosophy of language, moral philosophy and political theology. He built a holistic and versatile Islamic methodology in his works and formed a world of thought on the axis of trusteeship (divine contract and trust paradigm) and circulation tedavuliyya (pragmatic-word-action theory). Taha Abderrahmane has analyzed, criticized and constructed the Islamic thought tradition, which (...) he handled with a holistic view, with a versatile reference network. In addition, one of his most important contributions is that he put forward a moral philosophy in the Qurʾānic and prophetic axis. Taha Abderrahmane proved to be a prolific thinker with his thirty-five work consisting of ten thousand pages. He proposes a deliberative model of political communication in harmony with his theo-political writings and physical and metaphysical integrity. While this article aim to provide information on the main components of Abderrahmane’s paradigm of divine contract and trusteeship (i’timaniyya), essentially a theory of morality, such as political theology, linguistics, and negotiation ethics, it also tries to identify the Western references of these elements. In this context how the theory of speech acts that seems quite important in the field of modern social sciences and created by theorists such as John Searl and Austin was transformed by Taha Abderrahmane into an Islamic theory of speech is also subject to a comparative assessment. In addition, the possibility of the issue of negotiation ethics, which gained more importance with new communication theories in the West, in the axis of Islamic thought was questioned in the article. The article reviews how views on negotiation ethics are positioned by Taha Abderrahmane within the Islamic paradigm. Therefore, the article is limited in scope to Taha Abderrahmane’s references about the theories in the West. Taha Abderrahmane attempts to construct an Islamic Pragmatic or Islamic Theory of Verbal Action, with reference to Pragmatics or Theory of Speech Acts, which is a sub-branch of linguistics, but in line with principles specific to the Islamic paradigm. Taha Abderrahmane combined the Islamic concept of pragmatic with the concept of negotiation. The terms “praxis” and “praxeology [fiqh al falsafa]”, which define the framework of the Trust Paradigm and the Islamic Pragmatic Model proposed by Taha Abderrahmane, emphasize “deed” or, in other words, “action” and he is linguistically referencing the founding masters of the pragmatics field such as J. L. Austin and J. R. Searle. However, there are two other fields that constitute the main reference to his concept of praxis (action) and praxeology (action science). These are economics and philosophy. Praxeology is a scientific field that deserves to be mentioned especially with the economist Ludwig von Mises (1881-1973). According to Mises, the laws of the field about which physics, biology, and praxeology [mainly economics] provide information, are independent of human will. These are primary ontological facts that strictly limit the human power to act (Mises, 1998, 67). Taha Abderrahmane references western thinkers such as Ludwig von Mises, Jürgen Habermas, Chantal Mouffe and Hannah Arendt, as well as Islamic sources. However, the way he makes use of them takes place within the framework of criticism and analysis. He also refers to other personalities such as Jonas, Freud, Ellul, Putnam, Ricoeur and Rawls. While Taha Abderrahmane explains the process of turning words into action, he also draws on the Action Theory of Hannah Arendt (1906-1975), who was one of the children of Heidegger, such as Karl Löwith, Hans Jonas and Herbert Marcuse, and who was accepted as a real philosopher even though he rejected the title of philosopher during his lifetime. On the other hand, Taha Abderrahmane makes strong references to the basic dimension of Islam, such as “O believers! If you avoid opposing Allah; It gives you an understanding to distinguish good from bad (Al-Anfal, 8/29)” verse. He makes strong references to the supposed dimension of Islam, and in this context, he tries to create a praxis based on nature, especially based on the hadith known as nawāfil hadith. (shrink)

The article discusses selected findings from two Norwegian studies among real‐estate agents and real‐estate students, and their relevance for real‐estate education in professional ethics. The survey data‐set indicates that the industry morality of real‐estate agents is more peer‐group oriented, less individualistic and more intersubjective than in other comparable Norwegian industries. The qualitative material shows how respondents perceive and discuss three professional role conflict scenarios in a rule‐ or consequence‐focused pattern. The findings are (...) followed by several suggestions relating to conflict handling approaches and professional ethics training among future and present real‐estate agents. (shrink)

Building, restoring and maintaining well-placed trust between scientists and the public is a difficult yet crucial social task requiring the successful cooperation of various social actors and institutions. Kitcher’s takes up this challenge in the context of liberal democratic societies by extending his ideal model of “well-ordered science” that he had originally formulated in his. However, Kitcher nowhere offers an explicit account of what it means for the public to invest epistemic trust in science. Yet in order to (...) understand how his extended model and its implementation in the actual world address the problem of trust as well as to evaluate it critically, an explicit account of epistemic public trust in science needs to be given first. In this article we first present such an account and then scrutinize his project of building public trust in science in light of it. We argue that even though Kitcher’s ideal model and his proposals for its implementation in the real world face a number of problems, they can be addressed with the resources of our account. (shrink)

As a result of financial difficulties confronting American agriculture, public debate is focusing on longterm options for restoring economic stability and growth to the agricultural economy. Many believe that just as homeowners in small communities throughout the nation have been served by the development of a secondary market for residential mortgages sponsored by the federal government, farmers throughout the country would similarly benefit from the development of a secondary market for farm real estate mortgages. This paper discusses issues (...) relating to the development of a secondary market for agricultural real estate loans. The concept of a secondary market for agriculture is of considerable interest to Congress, as evidenced by recent enactment of the Agricultural Credit Act of 1987 which established the Federal Agricultural Mortgage Corporation (“Farmer Mac”) to create a secondary market for farm real estate loans. The first section discusses the general nature of secondary markets and their purposes, with particular attention given to the secondary market for home mortgages because it served as a model for a secondary market for farm loans. Section two discusses basic differences between agriculture and housing, and section three provides a brief discussion of federal credit subsidies designed to help meet social and economic goals by influencing the allocation of credit to particular sectors of the economy such as housing and agriculture. Potential benefits and costs associated with the development of a secondary market for agriculture are discussed in section four. (shrink)

The thesis that an analysis of property rights is essential to an adequate analysis of the state is a mainstay of political philosophy. The contours of the type of government a society has are shaped by the system regulating the property rights prevailing in that society. Views of this sort are widespread. They range from Locke to Nozick and encompass pretty much everything else in between. Defenders of this sort of view accord to property rights supreme importance. A state that (...) does not sufficiently respect property rights is likely to be a totalitarian state, and will also be likely to fail to respect rights of other sorts. (shrink)

La découverte d’un nouveau mois à Ténos et l’identification d’un graveur à Paros conduisent à formuler de nouvelles hypothèses sur le problème des sûretés réelles en droit grec. L’examen du registre de Ténos (IG XII 5, 872) en vue de sa réédition a fait apparaître une erreur de découpage entre les actes 17 et 18 chez les éditeurs antérieurs, qui n’ont pas reconnu le nom d’un mois, Èrès[iôn], équivalent du mois délien Arèsiôn attesté depuis peu à Andros, l’île voisine. En (...) faisant disparaître une clause obscure de ce document, cette découverte invite à réexaminer le fonctionnement d’un gage hypothécaire d’un type particulier, l’apotimèma dotal, auquel l’un des actes du registre fait allusion. Ce point acquis, on aborde ce qui fait par contraste la spécificité de la vente avec faculté de rachat (prasis épi lysei) : à Ténos comme à Athènes, elle se caractérise par un transfert de propriété immédiat au profit du créancier, au moyen d’un acte de vente complété le cas échéant par un contrat de location. Le rapprochement entre une borne récemment découverte à Paros (SEG 54, 794) et une célèbre loi sur les archives, gravée par le même lapicide, permet en dernier lieu de préciser la relation entre la prasis épi lysei et les pratiques d’archivage public à l’époque hellénistique. (shrink)

LEARNING OBJECTIVES After completing this chapter, you will be able to: Provide a definition of ethics. Explain traditional sources for motivating ethical ...

Several recent articles in the field of ethics and business have raised questions concerning the viability of professional ethical codes. Are such codes serious, effective tools for promoting and enforcing an ethical standard of behavior? Or do the codes more closely resemble clever, elaborate public-relation ploys? The purpose of this paper is to analyze the content, role and efficacy of one such ethical code, namely, The Code of Ethics of the National Association of Realtors. The paper examines the ethical principles (...) embodied, implicitly or explicitly, in this Code; it tests these principles for coherence, comprehensiveness, clarity and enforce-ability. Furthermore, it seeks to determine whether this Code articulates standards of ethical conduct that are higher than those already required by law and whether the Code successfully translates a general ethical vision down to concrete, everyday real estate practice. (shrink)

This study evaluates responses to the Real Estate Ethical Code. Voice Stress Analysis (VSA) is used to evaluate the responses of real estate sales people to ethically-based questions. The process and the responses given enabled the authors to gain insight into pressure-causing ethical situations and to explore new uses of VSA. Some respondents were stressed while following the ethical code guidelines. Others showed no stress about breaking the formal code. The study reaffirms that the presence of (...) formal ethical guidelines does not assure that the rules will be willingly followed. (shrink)

Firms’ real estate choices significantly affect their sustainability, due to real estate’s impact on the natural environment. This paper investigates the ecological responsiveness of firms in specific industries by analyzing the decisions these firms make in occupying office space. We analyze the decisions of more than 11,000 tenants to choose office space in green buildings or in, otherwise comparable, conventional buildings nearby. Controlling for building quality and location, we find that corporations in the oil and banking (...) industries, as well as non-profit organizations, are among the most prominent green tenants. Furthermore, measures of an industry’s human capital intensity are positively related to the propensity to lease green office space. These empirical findings confirm the theoretical framework on economic advantage and institutional pressure as important determinants for the ecological responsiveness of firms. (shrink)

This article adopts an ecological view of cognition to analyze the role of the environment in scaffolding metaphorical experience. Using ethnographic material collected from two real estate showrooms in China, we describe how each showroom setting is equipped with to-be-phenomenologically-experienced objects designed to stimulate desirable sensorimotor experiences and altered bodily states during the guided showroom tours. By analyzing the qualities of such settings and identifying the processes through which visitors become environmentally coupled—including active and passive touch in highly (...) organized auditory, olfactory, and gustatory environs—we demonstrate how the showrooms constitute an affordance space for enacting metaphoricity through doubleness in experience. Implications for conceptual metaphor theory relating to the nature of environments and bodies are discussed. (shrink)

This study proposed and examined a conceptual framework on the influence of real estate brokers’ personalities, psychological empowerment, social capital, and knowledge sharing on their innovation performance, and used moral hazard as a moderating variable. We used structural equation modeling for data analysis and estimation. The participants were real estate brokers in Kaohsiung City. A total of 1,000 questionnaires were administered to 100 branch offices of real estate companies, 571 of which were later recovered (...) from 80 branch offices. After removing 52 for being invalid, we were left with 519 valid questionnaires, indicating a 51.9% recovery rate. The empirical results suggest that the real estate brokers’ personalities and psychological empowerment positively and significantly influence social capital; personality and psychological empowerment also positively and significantly influence their innovation performance; and social capital significantly influences knowledge sharing, which in turn positively and significantly influences the brokers’ innovation performance. In environments with higher levels of moral hazard, the influence of social capital on the brokers’ knowledge sharing is significantly diminished. (shrink)

This paper investigates the extent to which institutional investors may have influenced independent real estate appraisals during the financial crisis. A conceptual model of the determinants of client influence on real estate appraisals is proposed. It is suggested that the extent of clients’ ability and willingness to bias appraisal outputs is contingent upon market and regulatory environments, the salience of the appraisal to the client, financial incentives for the appraiser to respond to client pressure, organisational culture, (...) the level of moral reasoning of both individual clients and appraisers, client knowledge and the degree of appraisal uncertainty. The potential of client influence to bias ostensibly independent real estate appraisals is examined using the opportunity afforded by the market downturn commencing in 2007 in the UK. During the market turbulence at the end of 2007, the motivations of different types of owners to bias appraisals diverged clearly and temporarily provided a unique opportunity to assess potential appraisal bias. We use appraisal-based performance data for individual real estate assets to test whether there were significant ownership effects on performance during this period. The results support the hypothesis that real estate appraisals in this period reflected the differing needs of clients. (shrink)

According to the Economic Survey of India, 2012–2013, the real estate sector contributed 5.9 % of the India’s total Gross Domestic Product in the Financial Year 2011–2012, while remaining the second largest employment generator after agriculture in India. The urban population in India is projected to touch 600 million by 2030, from 377 million in 2011, thereby fuelling a housing shortage of around 26 million. However, the perception of Construction industry, like other sectors of the economy, is that (...) of creating “human habitat in a manner generally focussed on profitability without consideration of its long-term impacts.” Under such circumstances, Tata Housing Development Company Limited, a closely held Public Limited Company under 99.86 % subsidiary of Tata Sons, is the first Indian real estate company to have reported the triple bottom-line Global Reporting Initiative G4 Sustainability Reporting Guidelines in its Sustainability Report FY 2013–2014. THDCL aims to volunteer its resources to the extent it can reasonably afford, to sustain the environment and to improve the quality of life of the people of the area in which it operates. This Situational Case Study, targeted towards management students and practitioners, and social and developmental workers in the areas of Corporate Governance, Strategic Management, Business Environment, Business Policy and Community Welfare, aims to identify the community engagement model of THDCL; analyse it in terms of its implementation and impact; and initiate discussion about the role of strategic partnerships under Corporate Social Responsibility in an emerging economy. This work may be used for developmental related workshops/training programmes for students and working professionals of innovation, CSR, sustainability, social and developmental sectors and shared, among others, in various Chambers of Commerce and Academic forums on the same. It is, however, not intended to serve as an endorsement, source of data or illustration of effective or ineffective management. Certain names and information could have been disguised for confidentiality. (shrink)

This article uses sociological role theory to help understand ethical challenges faced by Norwegian real estate agents. The article begins with an introductory case, and then briefly examines the strengths and limitations of using legal definitions and rules for understanding real estate agency and real estate agent ethics. It goes on to argue that the ethical challenges of real estate agency can be described and understood as a system of conflicting roles with (...) associated rights and duties, in particular sales agent, intermediary and adviser sub-roles. The arguments are developed using exploratory findings from a survey of Norwegian real estate agents and from several focus groups. The article then suggests the use of various intranet tools as a kind of action research aimed at putting ethics on the real estate agents' agenda, working to develop a collective conscience and collective selfcriticism among the agents, and, in doing so, building bridges between academic research and the practical working world of the agents. (shrink)

Mirvac chief executive Susan Lloyd-Hurwitz, not one usually associated with sympathy for tenants on the rental market, said earlier this year that ‘renting in Australia is generally a very miserable customer experience…the whole industry is set up to serve the owner not the tenant’ Her observation is basically correct and the solution she offers is to change the current situation where small investors, supported by generous government tax concessions, provide effectively all of the country’s private rental housing. Lloyd-Hurwitz wants Mirvac, (...) a property group currently managing over $15 billion of assets, to become an apartment landlord that would own not one or several properties like small investors currently do but rather thousands of properties to rent out. The proposal is for Mirvac to build apartment blocks and then, instead of selling individual apartments, rent them out on long-term or indefinite leases. This build-to-rent housing scheme would of course make the real estate–investment company a great deal of money. At the same time it would do very little to alleviate the current housing crisis. Such schemes are a nonstarter for people who want the security, stability and independence of home ownership, which is a very Australian aspiration that is increasingly becoming unobtainable not only for those experiencing homelessness, but also for the poor and middle-class. Those of us who care about finding a real solution to the housing crisis would do well to consider how we got into this situation in the first place, and then consider how this might inform what we do next. The following then, traces some of the historical and philosophical roots of our understanding of property and their institutionalisation via various levels of government, especially in the Australian context. (shrink)