Gedankenexperimente haben im Laufe der Jahrtausende eine entscheidende Rolle als Mittel der Wahl sowohl in der Philosophie als auch in der Naturwissenschaft gespielt. Im Gegensatz zu echten Experimenten kann im "gedanklichen Labor" auch Fragen nachgegangen werden, die man sonst nicht empirisch untersuchen kann. Gedankenexperimente lösen damit zwar sicher nicht die akuten Probleme der Menschheit, aber sie zeigen auf, wie schon leichte Veränderungen der Perspektive oder alltäglicher Grundannahmen zu verblüffenden Lösungen oder zu ganz neuen, spannenden Fragen führen können. Dieses Buch nimmt (...) den Leser mit auf eine Reise durch alle Epochen philosophischen Denkens und stellt, in prägnanter Auflistung von A bis Z, 26 besonders interessante Gedankenexperimente berühmter Philosophen vor. Durchaus anspruchsvoll, aber doch sehr unterhaltsam geschrieben, lädt es nicht nur zum Lesen, sondern vor allem zum Miträtseln und philosophieren ein. Anschauliche, teils auch abwegige Beispiele aus den unterschiedlichsten Gebieten der Wissenschaft lassen keine Langweile aufkommen. Dazu gibt es Hinweise zur Durchführung eigener Gedankenexperimente und kurze Erläuterungen zu den wichtigsten der angeführten Denker von Aristoteles bis Wittgenstein. (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)

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)

Der auBere AnlaB zur Niederschrift dieses Buches war ein Schreiben des Springer-Verlages, Berlin. Darin wurde die Bitte ausgesprochen, bisher lediglich in Vortragen und Aufsatzen veroffentlichte Gedanken tiber wirtschaftliches Konstruieren weiter auszubauen und in einem Buche zusammenfassend darzulegen. Zu jener Zeit aber - es war kurz nach Ausbruch des zweiten Weltkrieges - hatte ich mich innerlich be­ reits von Betrachtungen solcher Art losgelost. Es schien mir wichtiger und vor allem dringlicher, zunachst nach einer Sinngebung und tiber­ geordneten Zielsetzung fUr das (...) technische Schaffen zu suchen. Die Be­ miihungen, beiden Anliegen gerecht zu werden, fiihrten mich schlieB­ lich zu der Ueberzeugung, daB ein Buch, in dem die neuartige Kon­ struktionslehre in die groBen ethischen, wissenschaftlichen und wirt­ schaftlichenZusammenhange-eingeordnetist, einem allgemeinenBedtirfnis unserer Zeit entsprechen dfirfte. Und so ist aus dem doppelten Erleben der Technik als Mensch und als Ingenieur die Zweiteilung und in der Folge die gesamteDisposition diesesBuches entstanden, das in gewissem Sinne als Fortsetzung des Fachstudiums, zugleich aber auch als erste Einfiihrung in die mannigfachen Bezirke des wirklichen technischen Geschehens gedacht ist. Die Ausarbeitung hat sich, hauptsachlich bedingt durch die Kriegs-und Nachkriegsereignisse, tiber volle zwolf Jahre hin­ gezogen; doch hoffe ich, daB das unmittelbare Erleben dieser Zeit und die innere Auseinandersetzung mit ihren Problemen dem Buche irgendwie zugute gekommen sind. Ich habe vielen zu danken: Zunachst Herrn R. Bingel t, ehemaliger Vorsitzender des Vorstandes der Siemens-Schuckertwerke AG., Berlin, ffir seine Anteilnahme und verstandnisvolle Forderung; dann meinen nachsten Mitarbeitem, vor allem Herrn O. (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)